Aberdeen University life sciences spin-out EnteroBiotix has secured a £27 million cash injection.
The new funding will allow the business to invest more in its research and development programmes, workforce and facilities.
And it will support trials of new drugs for conditions including irritable bowel syndrome (IBS), blood cancer and liver cirrhosis.
The extra cash includes £6m from the Scottish National Investment Bank (Snib), £10m from other investors and around £11m of equity-backed loans.
EnteroBiotix’s Aberdeen roots
Dr James McIlroy is the company’s 31-year-old founder and chief executive.
He was born in Glasgow but moved to Aberdeen in his early teens, following a spell living in Brunei.
EnteroBiotix was launched in 2017, during his medical studies in the Granite City.
Dr McIlroy was quickly dubbed the poo bank entrepreneur, thanks to his efforts to set up a platform letting patients bank their own bacteria before medical interventions.
His company still carries out some of its R&D and manufacturing in Aberdeen but it is now based in Bellshill, near Glasgow.
Its products are focused on the human body’s “microbiome”, where intestinal bacteria and yeasts normally keep the gut functioning properly.
Some people lack the essential “microflora” they need to stay healthy.
EnteroBiotix’s goal has always been to develop an orally-delivered treatment.
Our long-term mission is to transform the standard of care for patients suffering from high unmet clinical needs associated with the gut microbiome.”
Dr McIlroy said today the latest funding represented “further endorsement” of the company and its “vision of creating treatments that can have a global impact”.
He added: “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.”
EnteroBiotix helping put Scotland on global life sciences map
Snib innovation director Simon Comer 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 £6m, 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.”
Mr Comer added: “We are proud to support this innovative company achieve its ambitions to deliver treatment to patients on a global scale.”
Snib invested in the Aberdeen-born firm alongside Thairm Bio and Kineticos Life Sciences.
EnteroBiotix has now raised more than £47m from investors including ThairmBio, Kineticos Ventures, Snib and Scottish Enterprise Growth Equity.
Clinical milestone for EnteroBiotix
Meanwhile, the biopharma company achieved a notable milestone earlier this week when the first patient was dosed with one of its drugs in a phase two clinical trial in the UK.
The study will evaluate EBX-102-02, a next-generation, full-spectrum drug for the treatment of IBS. It comes as an easy-to-take capsule and is manufactured in Scotland.
Conversation