Pulmocide raised $30.4 million in a Series B round of financing to support the early clinical development of its lead inhaled drugs against respiratory syncytial virus (RSV) and pulmonary aspergillosis. The fundraising round was led by new investor SR One and included the Longwood Fund and existing investors SV Life Sciences, F-Prime Capital, Johnson & Johnson Innovation–JJDC, and Touchstone Innovations.
U.K.-based Pulmocide’s lead candidate PC786 is an inhaled small-molecule antiviral agent targeting RSV. The firm says it is on track to deliver proof of concept data with PC786 in human RSV challenge and in infants hospitalized with bronchiolitis due to RSV infection. Pulmocide also plans to progress its triazole antiaspergillus compound PC945 into clinical Phase I development in April. The drug is in development for the potential treatment of pulmonary aspergillosis, including fungal asthma, pulmonary aspergilloma, and aspergillus infections in lung transplant recipient cystic fibrosis patients.
"This Series B fundraising will provide us with the capital to advance our two novel compounds through early clinical development, another step closer to a treatment for patients for these debilitating infections,” commented Dr. Garth Rapeport, CEO at Pulmocide. “We are delighted by the interest we've received in this round and would like to thank our new and existing shareholders for their support and continued commitment to Pulmocide."
Matthew Foy, Partner at SR One, added: "Pulmocide's core asset is the management team's proprietary expertise in the design of highly potent compounds with extended lung retention time and limited systemic exposure. This has enabled the development of two anti-infective drugs for serious diseases of the lung, where an inhaled therapy should deliver the optimal clinical outcome. SR One is excited to be joining such a strong syndicate of investors to support Pulmocide as it progresses both programs towards clinical proof of concept."