Touchstone Innovations plc (AIM: IVO, 'the Group', 'Innovations') has participated in a £25.0 million Series B funding round in Pulmocide Ltd ("Pulmocide" or "the Company") committing £3.0 million to the round alongside new investors SR One and Longwood Fund, plus existing investors SV Life Sciences, F-Prime Capital, Johnson & Johnson Innovation (JJDC, Inc.).
Pulmocide is a privately-held drug development company located in London which is developing novel small molecule inhaled medicines for the treatment of life threatening respiratory infections caused by respiratory syncytial virus (RSV) and Aspergillus.
This new funding will enable Pulmocide to advance its assets through early clinical development. Pulmocide is on track to deliver proof of concept data in RSV using its highly potent inhaled RSV antiviral agent (PC786) in human RSV challenge and in infants hospitalised with bronchiolitis due to RSV infection.
Pulmocide will also be progressing its PC945, a potent azole antifungal for the treatment of pulmonary Aspergillosis, including fungal asthma, pulmonary Aspergilloma, Aspergillus infections in lung transplant recipients and patients with cystic fibrosis.
Maina Bhaman, Director of Healthcare Ventures at Touchstone Innovations, said:
"We continue to support this strong entrepreneurial management team to progress the Company's two novel compounds through early clinical development; another step closer to a treatment for patients with life-threating lung infections.
"Pulmocide is yet another example of a portfolio company that has been able to attract a powerful group of investors and we would like to welcome SR One and Longwood to the syndicate."
As at 31 July 2016, the Group had a 24.1% interest in the issued share capital of Pulmocide. Following this new investment Innovations will hold a 18.5% stake in the issued share capital of the Company.