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Biopharma firm EnteroBiotix has raised more than £27m in funding from new and existing investors to expand its work.
The company focuses on gut health and employs some 50 people developing microbiome medicines. It is carrying out clinical trials of drugs designed to prevent and treat a range of conditions including irritable bowel syndrome (IBS), blood cancer and liver cirrhosis.
The £27m funding round includes backing from the Scottish National Investment Bank, Thairm Bio and Kineticos Life Sciences.
EnteroBiotix says it will use the capital to progress clinical trials “that will add significantly to the quantity and quality of the data it gathers”.
Just this week, it achieved a key milestone when the first patient was dosed in a phase two UK clinical trial for IBS drug treatment EBX-102-0. The easy-to-take capsule is made in Scotland.
Dr James McIlroy founded EnteroBiotix six years ago in Aberdeen. In 2022 it opened its new 20,000-square-foot manufacturing lab in Bellshill and it also has laboratory space at BioCity.
Last year it appointed former Merck executive Elmar Schnee as executive chairman, and this year has appointed Dr James Barnes as chief operating officer and Chris Lea as chief financial officer.
The £27m financing includes new equity of £6m from the Scottish National Investment Bank, with £10m from other investors and around £11m of loan notes converting to equity.
Dr McIlroy, EnteroBiotix CEO, said: “This funding is further endorsement of EnteroBiotix and our vision of creating treatments that can have a global impact.
“Our facilities across the central belt of Scotland are the most advanced of their kind in Europe. They ensure safe, high-quality and consistent in-house manufacturing.
“The support from the Scottish National Investment Bank means we can invest in our R&D programmes, our team, and our facilities. Our long-term mission is to transform the standard of care for patients suffering from high unmet clinical needs associated with the gut microbiome.
“Scotland’s life sciences sector is a growing industry, and with the Bank’s backing we can also contribute to improving skills and enhancing knowledge.”
Simon Comer, director of innovation at the Scottish National Investment Bank, said: “EnteroBiotix is a pioneering company that is helping put Scotland on the world map of life sciences.
“Its drug manufacturing technology aligns with the Bank’s mission of harnessing innovation. Our investment of £6 million, as part of a larger total funding package, is a major step forward for the company as it accelerates the pace to develop treatments that will ultimately provide great relief to patients living with a range of conditions.
“We are proud to support this innovative company achieve its ambitions to deliver treatment to patients on a global scale.”
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