N4 Pharma, the specialist pharmaceutical company developing Nuvec, a novel delivery system for cancer treatments and vaccines, has raised £630,000.
It comes through a placing of 118,000,000 new ordinary shares of 0.4 pence each in the company, and a subscription of 8,000,000 new ordinary shares of 0.4 pence each, at an issue price of 0.5p per placing share and subscription share.
The net proceeds of the fundraise will be used to advance its three primary work streams whilst also providing working capital into 2025. Specifically:
● Based on the encouraging data obtained on the use of Nuvec for multiple delivery of siRNA and its oral work, the company will commence work with the University of Queensland for the proof of concept for a product to treat irritable bowel disease (IBD). The program will seek to demonstrate through in vitro and in vivo studies that dual loaded Nuvec in an oral capsule can reduce inflammation associated with IBD
● Subject to data from the ongoing work with SRI International Inc (SRI), continue to support further development work with SRI’s MGS technology whilst supporting the co-marketing of any resulting data to collaborators and commercial partners
● The increased funds will provide flexibility to further support Nanogenics in obtaining pre-IND Approval for ECP105 whilst in vivo work concludes and it awaits the result of its application for orphan designation status for ECP105 which, if granted, would potentially give seven years exclusivity in the USA on the product post authorisation
● In addition to the core work streams outlined above, all of which are expected to provide steady newsflow for the rest of the year, work will continue in the background to identify a distribution partner to supply Nuvec to Adeno-Associated virus (AAV) vector companies
● The Board will also look to potentially add additional director(s) with proven track records or contacts in the commercialisation and/or sale of products and IP in the pharmaceutical and biotech space
Nigel Theobald, Chief Executive Officer of the company, said: “We are pleased to have raised these funds in difficult market conditions for small caps. The money will underpin our work efforts whilst we look to move through key milestones and, we believe, value inflexion points, across our three main work streams during the rest of the year.
“In doing so, we hope to be able to co-market our combined technologies with SRI, complete a proof of concept for an oral IBD product and achieve orphan designation and pre IND approval for Nanogenics’ ECP105. All the while this work will be widening and strengthening our IP position across the company.“
