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Posted: March 6, 2008
NanoBio Corporation Completes $30 Million in Equity Funding by Meeting Key Development Milestones
(Nanowerk News) NanoBio® Corporation has
received its third $10 million tranche of equity funding from Perseus LLC,
after having successfully met three critical development milestones:
validating the efficacy and safety of its two topical treatments for skin
infections and demonstrating the strength of its influenza vaccine in
The company, a spin-off from the University of Michigan, has received a
total of $30 million over the past 18 months from Perseus LLC, a leading
private equity management firm. The funding has enabled NanoBio to conduct
phase 2 clinical trials on its two lead products, topical lotions NB-001
for herpes labialis (cold sores) and NB-002 for onychomycosis (nail
fungus). Additionally, the funding has supported extensive animal studies
supporting the company's nasal vaccines against influenza, hepatitis B and
several additional pathogens.
Preliminary analyses of the data demonstrate the lotions have potent
antiviral and antifungal effects without safety concerns or systemic
absorption, according to NanoBio scientists.
Phase 2a and Phase 2b clinical trials on NB-001 are complete, while
phase 2 clinical trials on NB-002 are in progress and will be completed by
the first quarter of 2009. Final data will be presented after the data have
undergone peer review processes.
"We're delighted by the considerable progress NanoBio has achieved in
all dimensions, most notably its efficacy and safety data in the clinical
realm," said Norman C. Selby, senior managing director at Perseus. "We are
also pleased that the company has built a sound business infrastructure and
a robust research program in the vaccine arena.
"The company's platform technology is proving to be highly effective in
combating a broad range of viruses, bacteria and fungi, and we're eagerly
anticipating the next round of data on its vaccine studies," he added.
Based on the positive data, NanoBio will move immediately to plan phase
3 testing of NB-001, said James R. Baker Jr., M.D., founder and chairman of
NanoBio Corporation is a privately held biopharmaceutical company
focused on developing and commercializing anti-infective products and
mucosal vaccines derived from its patented NanoStat(TM) technology
platform. The company's lead product candidates are treatments for herpes
labialis (cold sores), onychomycosis (nail fungus), MRSA and mucosal
vaccines for influenza and hepatitis B. The company's headquarters and
laboratory facilities are located in Ann Arbor, Mich.