A SCOTTISH biopharmaceutical start-up has raised £2 million as it prepares for wider international expansion following the opening of a new office in Boston.
Aberdeen-based EnteroBiotix secured the seed extension investment in an oversubscribed round as it moves towards making new types of medicines.
Backing was led by Scottish angel firm Equity Gap and supported by existing investors the Scottish Investment Bank, the investment arm of Scottish Enterprise, the University of Aberdeen and the Bank Workers Charity.
The company also had new investment from Barwell Plc, Gabriel, Syndicate Room, Fund Twenty8, NCIMB Limited and SIS Ventures.
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The new office in Cambridge, Massachusetts - part of the Boston metropolitan area - is supporting EnteroBiotix’s operations and business development activities in the US.
EnteroBiotix has also launched a strategic collaboration with the University of Glasgow to support research focused on identifying and evaluating precision antimicrobials that the company said it will combine with its therapeutics elements to create an “entirely novel medicinal product”.
Dr James McIlroy, founder and president of EnteroBiotix, said: “This investment round and our new office in the States enables us to achieve key regulatory, operational and clinical milestones as we continue to develop and advance our product pipeline for the benefit of patients.”
Fraser Lusty, of EquityGap, said the firm has “exciting, emerging, opportunities for their innovative microbiome solutions”.
Kerry Sharp, of the Scottish Investment Bank, said: “This round of investment will fund ongoing scientific advances which will bring significant health benefits to patients as well as support expansion overseas.”
The link-up is supported by the Medical Research Council and Confidence in Concept scheme.
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