Angels triumph against bacteria
There is growing medical concern that superbugs are becoming resistant to existing anti-bacterial treatments. Our client, Destiny Pharma has developed compounds that kill bacteria like MRSA so rapidly that they are unable to become resistant.
The Company is focussed on the preventive treatment of Staphylococcus aureus (SA), the World’s No.1 cause of post-surgical hospital bacterial infection, which costs the US healthcare system $12 billion pa.
With its lead drug currently supported and funded for clinical development by the US government, we’ve successfully introduced over £350,000 of investment. We are also delighted to confirm that a further £500,000 has been committed by the Angel Co Fund, spearheaded by a senior industry insider we also introduced.
Destiny Pharma has enjoyed over £5m of grants to date and £14m of equity funding mostly from private investors, making this one of the few pharmaceutical businesses to get so near to a trade sale exit on angel money.
They have already announced a first close in the current £3m round at £2m. There is still room for interested investors. The investment is EIS eligible.
By Simon Heywood, firstname.lastname@example.org