Enterprise Therapeutics – a biopharmaceutical company dedicated to the discovery and development of novel therapies to improve the lives of patients suffering from respiratory disease – announced that it has closed a £26 million ($33.1 million USD) Series B follow-on financing round, led by Panakes Partners. Existing investors Versant Ventures, Novartis Venture Fund, Forbion, Epidarex Capital, and IP Group also participated. Along with the funding, Dr. Rob Woodman, Partner at Panakes, joins Enterprise’s Board of Directors.
This investment will fund the Phase 2a clinical trial of the Company’s lead program ETD001 to deliver clinical proof of concept to treat cystic fibrosis. And ETD001, a novel low molecular weight compound with first-in-class potential, targets the ENaC ion channel in the airway epithelium, increasing the hydration and clearance of mucus. ETD001 was designed to be long acting, delivering durable target engagement, which is expected to drive substantial improvements in lung function. This trial will involve a cross-over design study assessing FEV1 lung function in people with cystic fibrosis who are either ineligible for or are not receiving CFTR modulators.
Enterprise’s pipeline of disease-modifying therapies targets the underlying mechanisms of mucus congestion to enhance the clearance of mucus from the airways, restore lung function, and reduce morbidity and mortality in chronic respiratory diseases of high unmet medical need, such as cystic fibrosis, chronic obstructive pulmonary disease and severe asthma. And Enterprise has established an Italian subsidiary to support R&D activities. This funding round will enable the expansion of the company’s clinical activities into Italy via the addition of clinical investigator sites and the progression of its other preclinical programs targeting mucus congestion.
KEY QUOTES:
“We have made tremendous progress to date in developing novel therapeutics for patients suffering from chronic respiratory diseases. Such medicines are essential to reduce the frequency of lung infections and improve patient quality of life. On behalf of Enterprise’s leadership team, I would like to thank all our investors, both historical and new, for their recognition of the strength of Enterprise’s pipeline, and welcome Rob as a valuable addition to the Board.”
– Dr. John Ford, CEO, Enterprise Therapeutics
“Knowing the quality and track record of the Enterprise team, I am delighted to now be part of the next stage of its development. We strongly believe that Enterprise’s approach offers the potential to impact the future of therapeutics for a range of respiratory diseases, including cystic fibrosis, and that the Company is well positioned to be a leader in the field.”
– Dr. Rob Woodman, Partner, Panakes
