News
IT | 2009-09-12
FAB Pharma, a biopharma company developing drugs to treat severe bacterial infections, raises €2.3 million in series A funding and begins recruitment for a Phase I trial of its lead compound
Paris, September 12th 2009 – FAB Pharma (a biopharmaceutical company dedicated to the discovery and development of innovative anti-infectives) today announced the completion of a €2.3 million round of series A funding led by CDC innovation and co-led by Bioam Gestion - both venture capital firms with significant expertise in the life science industry. The USA-based, healthcare-focused hedge fund Redmile Group also participated in the round.
FAB Pharma has acquired assets in the treatment of methicillin-resistant Staphylococcus aureus (MRSA) from Mutabilis S.A. Severe infections caused by MRSA is a growing issue, especially in the hospital where it is one of the main causes of nosocomial infections. By definition, MRSA is resistant to a broad group of antibiotics, including penicillin and most cephalosporins. FAB Pharma's approach consists in developing a new class of low-molecular-weight antibacterial molecules which target a specific, essential enzyme in MRSA called Fatty Acid Biosynthesis I (FAB I).
There is a growing medical need for anti-MRSA drugs. Nosocomial infections constitute a major health problem, with 4 million cases reported each year in Europe and 2 million a year in the USA. Over the period 2009-2014, the number of patients infected with methicillin-resistant Staphylococcus aureus is expected to grow significantly in both Europe and the USA. Nosocomial infections are an important concern for hospitalized patients and their families because they are associated with high levels of morbidity and mortality; indeed, severe infections and sepsis can be lethal in 30% of cases. Moreover, nosocomial infections generate extensive hospitalization and intensive care costs (about $5 billion a year in the USA).
FAB Pharma's R&D program involves creating an anti-MRSA drug based on its Fab-001 lead product candidate. Fab-001 is a narrow-spectrum antibiotic with exceptional efficacy versus known virulent strains of MRSA. It possesses a novel mechanism of action that is not used by any drug currently on the market or in late-stage clinical development. This remarkable €2.3 million round of funding means that FAB Pharma now has the capacity to finance Phase I clinical trials and develop back-up products. Indeed, recruitment for the Phase I study of Fab-001 (a single-dose injection in healthy volunteers) has just begun and the study should complete by the end of 2009. A second Phase I trial (with multiple ascending doses) could start later this year.
To achieve its goals, FAB Pharma has appointed an experienced management team. Stefan Fischer (the former Mutabilis’ CEO) is heading the company and Sonia Escaich PhD (Mutabilis' former CSO) is working as a scientific consultant, in liaison with the world-renowned experts on the firm's Scientific Advisory Board. Florian Reinaud (a Partner at CDC Innovation) and Olivier Martinez (Investment Manager at Bioam Gestion) join the Board of Directors. The former commented “at CDC Innovation, we are convinced of FAB Pharma's potential to become a leading player in the search for new antibiotics. Fab-001's novel mechanism of action for treating MRSA is unique amongst products currently in late-stage clinical development. This type of therapeutic can definitely meet the significant medical need for new anti-infective therapies with low levels of resistance in existing MRSA strains. We are thrilled to be backing a company that is capable of making a real difference for hospitalized patients and their families”.
Bioam's Olivier Martinez added “The Bioam Gestion team and I believe that FAB Pharma has all the right ingredients to become a successful company and I am very happy to see the product moving into clinical development. I am delighted to be joining FAB Pharma’s Board of Directors and look forward to continue working with Stefan Fischer and Sonia Escaich”.
About FAB Pharma
FAB Pharma is a corporate spin-out from Paris-based Mutabilis. The new biopharmaceutical company is dedicated to the discovery and development of first-in-class therapeutics that will address today's antibiotic resistance issues and control severe bacterial infections. FAB Pharma will initially focus on developing a drug for treating MRSA - a bacterial pathogen that is especially troublesome in nosocomial (hospital-acquired) infections. FAB Pharma's R&D program is based on its Fab-001 drug candidate. Recruitment for a Phase I study of Fab-001 (a single-dose injection in healthy volunteers) began in September 2009 and the study should be complete by the end of the year. A second Phase I trial (with multiple ascending doses) could start later in 2009. Key investors are VC firms CDC Innovation and Bioam Gestion - both of which have significant expertise in the life science industry.
