Aberdeen biotechnology firm NovaBiotics has reached a key stage of development, getting regulatory clearance for clinical trials of its flagship product.
The company is now closer to putting a potentially “world-leading” brush-on treatment for nail fungus on sale.
Successful trials of the patented Novexatin technology will open up a global market worth an estimated £3billion-plus annually, with more than one in 10 of the world’s population said to be afflicted by nail fungus.
NovaBiotics’s march towards getting the treatment commercialised is happening much faster than is normal for the sector. According to Deborah O’Neil, the firm’s founder and chief executive, it usually takes firms up to 12 years to reach this stage.
The Craibstone-based company, a spin-out from research done at Aberdeen’s Rowett Institute, has benefited from around £5million in funding since it was established in 2004. Much of this has come in during the past year alone, mainly from existing shareholders.
NovaBiotics has also had some financial support from Scottish Enterprise.
The firm recently launched a share placing aimed at raising more cash to smooth the way to commercialisation for its lead product.
Ms O’Neil said: “I am very pleased that we can announce the commencement of clinical activities for Novexatin.
“We believe we potentially have a world-leading treatment for fungal nail infections which will be more effective, safer and easier to use than any other product currently available. I have spent six years developing Novexatin and am now delighted to be overseeing it through its first clinical trial.”
The regulatory clearance came from Germany, with approvals from the Federal Institute for Drugs and Medical Devices and also the Ethics Commission, paving the way for clinical work to start.
NovaBiotics specialises in the design, development and application of new products to treat infectious conditions and diseases for which there are currently no effective remedies.
The firm has won accolades, including in February this year the BioIndustry Association Thistle Bioscience Forum’s Rising Star Award.