NanoBioÂ® Corporation Completes $30 Million in Equity Funding by Meeting Key Development Milestones
Ann Arbor, Mich., March 6, 2008â€”NanoBioÂ® Corporation has received its third $10 million tranche of equity funding from Perseus LLC, after having successfully met three critical development milestones: validating the efficacy and safety of its two topical treatments for skin infections and demonstrating the strength of its influenza vaccine in ferret studies.
The company, a spin-off from the University of Michigan, has received a total of $30 million over the past 18 months from Perseus LLC, a leading private equity management firm. The funding has enabled NanoBio to conduct phase 2 clinical trials on its two lead products, topical lotions NB-001 for herpes labialis (cold sores) and NB-002 for onychomycosis (nail fungus). Additionally, the funding has supported extensive animal studies supporting the companyâ€™s nasal vaccines against influenza, hepatitis B and several additional pathogens.
Preliminary analyses of the data demonstrate the lotions have potent antiviral and antifungal effects without safety concerns or systemic absorption, according to NanoBio scientists.
Phase 2a and 2b clinical trials on NB-001 are complete, while phase 2 clinical trials on NB-002 are in progress and will be completed by the first quarter of 2009. Final data will be presented after the data have undergone peer review processes.
â€œWeâ€™re delighted by the considerable progress NanoBio has achieved in all dimensions, most notably its efficacy and safety data in the clinical realm,â€ said Norman C. Selby, senior managing director at Perseus. â€œWe are also pleased that the company has built a sound business infrastructure and a robust research program in the vaccine arena.
â€œThe companyâ€™s platform technology is proving to be highly effective in combating a broad range of viruses, bacteria and fungi, and weâ€™re eagerly anticipating the next round of data on its vaccine studies,â€ he added.
Based on the positive data, NanoBio will move immediately to plan phase 3 testing of NB-001, said James R. Baker Jr., M.D., founder and chairman of NanoBio Corporation.
NanoBio Corporation is a privately held biopharmaceutical company focused on developing and commercializing anti-infective products and mucosal vaccines derived from its patented NanoStatâ„¢ technology platform. The companyâ€™s lead product candidates are treatments for herpes labialis (cold sores), onychomycosis (nail fungus), MRSA and mucosal vaccines for influenza and hepatitis B. The companyâ€™s headquarters and laboratory facilities are located in Ann Arbor, Mich.