Biotechnology company, Pherecydes Pharma, has raised €8.7 million in a Series B round of funding, which it plans to use to support the production of phages for compassionate use in accordance with good manufacturing practuces (GMP).
Medicine funding
Phage therapy is an innovative therapeutic approach for the treatment of bacterial infections, particularly those acquired in hospitals — (HAI) and/or resistant to antibiotics. With the funds, Pherecydes will advance two programmes into the clinical phase in 2018 and 2019: PHOSA for the treatment of severe Staphylococcus aureus infections and PNEUMOPHAGE for the treatment of Pseudomonas aeruginosa respiratory tract infections.
In addition to these clinical programmes, the company will use the financing to set up a 10,000 square feet pharmaceutical production unit in Nantes and also anticipates launching new research programmes in 2018 and 2019.
New investors involved in this round of financing are GO CAPITAL, who led the round, along with Omnes Capital, Fa Dièse and a group of business angels from the Rhône-Alpes region. Historical investors ACE Management, Auriga Partners and Participations Besançon also contributed significantly.
“Over the next few years, phage therapy will play a major role in the global fight against antibiotic resistance. We are certain that Pherecydes is in a strong position to become a driving force in phage therapy. We were all attracted by Pherecydes’ high-calibre team as well as the technology platform, which is already clinically well proven on a compassionate use basis. The company has ambitious targets and we are delighted to support the development of such a project with high-quality investors at our side,” stated Leila Nicolas, investment director at GO CAPITAL.
“Since the beginning of our relationship with Pherecydes Pharma, we have been able to ascertain the relevance of the technology,” added Delphine Dinard, investment director at ACE Management. “Infections caused by multidrug-resistant bacteria have become a major public health issue. Pherecydes Pharma’s business model means that revenues from the sale of its bacteriophages can be expected in a very short period of time. We are extremely pleased to welcome GO CAPITAL, Omnes, Fa Dièse and new business angels as investors in Pherecydes Pharma to support it in this exciting stage of development.”
“This financing is a major step for the company. It allows Pherecydes to become a commercial company with its own industrial capacities,” commented Guy-Charles Fanneau de La Horie, CEO of Pherecydes Pharma.
“We are going to make the transition from a start-up to an integrated company with commercial activity,” said Jérôme Gabard, COO of Pherecydes Pharma.