Bugworks Research Inc Raises $9M Series-A Financing to Develop Novel Antibiotics to Fight Superbugs
Series-A funding plus CARB-X award enables Bugworks to take lead asset(s) to clinical trials
BANGALORE, India, Aug. 14, 2018 /CNW/ - Bugworks Research Inc, a biopharma startup based in Bangalore, India and Delaware, USA, designing first-in-class antibiotics announced the completion of a $9M Series-A financing, led by University of Tokyo Edge Capital (UTEC) Japan, with syndication from Acquipharma Holdings, 3ONE4 Capital and other prominent biotech-focussed global angels.
Bugworks' novel bacterial topoisomerase inhibitor (NBTI) is highly effective against a very broad spectrum of multi-drug resistant bacterial pathogens. This potent first-in-class antibiotic was designed using ELUDE, Bugworks' proprietary efflux-pump avoidance platform. ELUDE enables the design of novel, differentiated antibiotics to cure hospital, community and bio-threat infections. Bugworks' NBTI is a dual target small molecule inhibitor, with very low potential to create resistant strains, effective against all pathogens on the WHO Critical, High & Medium priority list as well as the CDC identified bio-threat bacterial pathogens.
"The rise of Anti-microbial Resistance (AMR) is an urgent global issue that needs to be tackled on war-footing. Bugworks addresses the AMR crisis by creating a new class of antibiotics targeting all-known classes of multi-drug resistant bacteria. We would like to promote collaborative developments through strong relationship between Bugworks and the Japan Bio Ecosystem for driving global innovation in this field," said Dr. Atsushi Usami, Partner at UTEC. In connection with the Series A financing, Dr. Usami will be joining the Bugworks' Board of Directors.
"CARB-X funds the best science around the world to address drug resistance. We are pleased to see this Series A investment following the CARB-X award," said Kevin Outterson, Executive Director of CARB-X, which has awarded Bugworks up to $6.2M to support the project.
"This financing is yet another strong endorsement of our team and technology as we bring reputed global investors on board to aid our mission of defeating 'superbug' infections," said Dr. Anand Anandkumar, CEO of Bugworks.
Series-A Investment Syndicate
UTEC is a Tokyo-based early-stage VC, with over $500M Asset-Under-Management linked closely with University of Tokyo and other academic institutions. UTEC invests in seed/early-stage startups that solve global issues for humankind using profound science and technology.
Acquipharma Holdings, started by former C-suite Executives from Quintiles Transnational, is a healthcare investment company, with a diverse global portfolio of biotechnology, medical device and healthcare services investments. The group plays a strategic role in leveraging their global expertise in advancing assets through the clinical stage of development.
3one4 Capital is an early-stage venture capital fund based in Bangalore, India. The focus areas include machine-driven actionable intelligence services for the enterprise, enterprise automation, ambient intelligence technologies, fintech, consumer data strategies, media and content development, and health.
AMR is a global emergency impacting millions across the world, requiring next-generation novel antibiotics. Bugworks with its years of domain experience and through its innovative approaches has an exciting portfolio of broad-spectrum novel antibiotic assets at various stages of discovery and preclinical development.
SOURCE Bugworks Research Inc.