Enterprise Therapeutics Limited (Enterprise), a biopharmaceutical company dedicated to the discovery and development of novel therapies to improve the lives of patients with respiratory diseases, today announced that it has closed a £26 million ($33.1 million USD) Series B follow-on funding round, Panakes led the partners. Existing investors Versant Ventures, Novartis Venture Fund, Forbion, Epidarex Capital and IP Group also participated. In addition to the financing, Dr. Rob Woodman, a partner at Pancase, joins the enterprise’s board of directors.
The investment will fund the Phase 2a clinical trial of ETD001, the company’s lead program to provide clinical proof of concept for the treatment of cystic fibrosis. ETD001, a novel low molecular weight compound with first-in-class potential, targets the ENaC ion channel in airway epithelium, enhancing mucus hydration and clearance. ETD001 is designed to be long-acting, providing sustained target engagement, which is expected to lead to significant improvements in lung function. The trial will involve a cross-over design study to assess FEV1 lung function in people with cystic fibrosis who are either ineligible or not receiving a CFTR modulator.
Enterprise’s pipeline of disease-modifying therapies targets the mechanisms underlying mucus congestion, enhancing mucus clearance from the airways, restoring lung function, and ultimately reducing morbidity and mortality in chronic respiratory diseases such as cystic fibrosis. , chronic obstructive pulmonary disease and severe asthma. The enterprise has established an Italian subsidiary to support R&D activities. The funding will enable the expansion of the company’s clinical activities in Italy through the addition of clinical investigator sites and the advancement of its other pre-clinical programs targeting mucus congestion.
We have made tremendous progress to date in developing novel treatments for patients with chronic respiratory diseases. Such drugs are essential to reduce the frequency of lung infections and improve the patient’s quality of life. On behalf of Enterprise’s leadership team, I want to thank our investors, both historic and new, for recognizing the strength of Enterprise’s pipeline and welcome Rob as a valuable addition to the board.”
Dr. John Ford, CEO, Enterprise Therapeutics
Dr Rob Woodman, Partner, Panace, commented: “Knowing the quality and track record of the Enterprise team, I am now delighted to be part of the next phase of its development. We strongly believe that the enterprise’s approach offers the potential to impact the future of therapeutics for a variety of respiratory diseases, including cystic fibrosis, and that the company is well-positioned to be a leader in this field.”