PrEP Biopharm, a private independent drug development company for respiratory infectious disease products, has closed a £21 million Series A financing round. PrEP Biopharm will use the funds to complete the ongoing Phase IIa development of its lead compound, PrEP-001. Lead investors are hVIVO plc (UK) and Johnson & Johnson Innovation, along with US-based angel investors.
PrEP-001 is a nasally administered, broad-spectrum agent that leverages the innate immune system to prevent upper respiratory tract viral infections (colds and flus). A successful human proof of concept trial with the compound has been completed, with data from that study supporting further clinical evaluation. The programme is designed to help the large number of high risk patients who currently suffer substantial morbidity and mortality from respiratory viral infections.
PrEP Biopharm Limited is a UK-based biopharmaceutical company, recently created by two former Janssen employees, with products and technologies licensed from Janssen Sciences Ireland UC, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. “PrEP Biopharm is committed to developing and commercializing new agents for the prevention and treatment of a variety of respiratory viruses, the majority of which do not have available vaccines or approved treatments. We are very pleased with this financing round, which validates the value of PrEP-001 and enables us to rapidly advance our clinical development,” said Ryan Muldoon, CEO and co-founder of PrEP Biopharm.
“hVIVO is pleased to lead this round of investment in PrEP Biopharm. We look forward to partnering with PrEP Biopharm to leverage the hVIVO platform and accelerate the delivery of these new prophylactic medications, preventing flu and cold infections in those patients most at risk,” said Kym Denny, CEO of hVIVO and Director of PrEP Biopharm. Besides Muldoon and Denny, PrEP Biopharm’s initial board members include Graham Yeatman, CFO of hVIVO.