LONDON, Nov. 2, 2015 /PRNewswire/ -- PrEP Biopharm Limited, a private independent drug development company for respiratory infectious disease products, announced today that it has closed a £21 million Series A financing round. PrEP Biopharm will use the funds to complete ongoing phase 2a development of its lead compound, PrEP-001. Lead investors are hVIVO plc (U.K.) and Johnson & Johnson Innovation – JJDC, Inc. (JJDC); along with U.S.-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 program 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 U.K.-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, C.E.O. 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 delivery of these new prophylactic medications, preventing flu and cold infections in those patients most at risk," said Kym Denny, C.E.O. of hVIVO and Director of PrEP Biopharm.
Besides Muldoon and Denny, PrEP Biopharm's initial board members include Graham Yeatman, C.F.O. of hVIVO.
About PrEP Biopharm Limited:
PrEP Biopharm Limited is a development stage biopharmaceutical company focused on the prevention of respiratory infections. The privately held company is developing and will market infectious disease products based on intellectual property licensed in from Janssen Sciences Ireland. PrEP Biopharm's pipeline includes one product in phase 2 for the prevention of upper respiratory tract viral infections. The company is headquartered in London, England. The co-founders are Ryan Muldoon (C.E.O.) and Dr. Bruce Malcolm, PhD (C.S.O.), co-inventor of PrEP-001.
About hVIVO plc:
hVIVO plc ("hVIVO") is a life sciences company pioneering a technology platform of human disease models to accelerate drug development and discovery in respiratory and infectious diseases. Based in the UK, hVIVO has conducted over 40 clinical studies, involving more than 2,000 volunteers for a range of leading industry, governmental and academic clients.
SOURCE PrEP Biopharm Limited