Imperial Innovations Group plc (AIM: IVO, "Innovations"), the leading technology commercialisation and investment group, has completed an investment in Pulmocide Ltd, a company focused on the discovery and development of a new generation of inhaled medicines for the treatment of serious viral and fungal infections of the respiratory tract.
Innovations is investing £4.25m as part of a consortium of leading venture investors which includes SV Life Sciences, Fidelity Biosciences and Johnson & Johnson Development Corporation (JJDC).
The Pulmocide management team, led by Garth Rapeport (CEO) and Pete Strong (CSO), were previously co-founders of Respivert Ltd which was acquired by Janssen Biotech Inc in 2010. In addition, they facilitated the spin-out of Topivert Ltd from Respivert. Topivert is developing topical anti-inflammatories for the treatment of diseases of the gastrointestinal tract and eye.
Pulmocide will be based at the Imperial BioIncubator in London.
Maina Bhaman, Director, Healthcare Ventures at Innovations, said:
"We are delighted to be able once again to invest in the strong entrepreneurial management team of Garth Rapeport and Pete Strong in this important venture. There is a high level of unmet medical need for respiratory syncytial virus (RSV) and invasive aspergillosis. We are confident in the team's ability to develop innovative approaches to these important healthcare challenges."
Garth Rapeport, CEO of Pulmocide, said:
"The Pulmocide team has an extensive track record in the discovery of potent long acting medicines for delivery to the lung via the inhaled route of administration. We are gratified to have the support of a leading investor consortium in our efforts to discover highly effective new treatments for life threatening respiratory tract infections"