Bonti Raises USD 11.7m in Series B Financing; Will Advance Development of Lead Product EB-001.
M2 PHARMA-April 19, 2017-Bonti Raises USD 11.7m in Series B Financing; Will Advance Development of Lead Product EB-001
(C)2017 M2 COMMUNICATIONS
- US-based biotechnology company Bonti has secured USD 11.7m in a series B financing, the company said.
Proceeds from the round will be used to continue developing EB-001, a unique botulinum neurotoxin, for its targeted aesthetic and therapeutic indications with multi-billion dollar addressable market opportunities.
In 2015, Bonti completed an USD 8.9m series A financing, bringing the total cumulative investment to over USD 20m to date.
Funds from the latest round will enable the completion of the Phase 2 clinical study in the aesthetic indication.
The additional investment company received will also help initiate the Phase 2 clinical study for its long-acting, non-opioid musculoskeletal therapeutic treatment during the second half of 2017 and accelerate the generation of interim data by the end of the year.
Bonti said the series B proceeds will also propel the company past several important regulatory steps and provide the company resources to begin sharing its clinical findings more broadly with key healthcare professionals.
The rolling close of the series B round began with an investment led by RBV Capital in late 2016, and included participation from City Hill Ventures, Colt Ventures, and other existing investors.
In connection with this investment, Alexey Konov, Ph.D. from RBV Capital joined Bonti's board of directors. The series B expansion comprises additional equity financing by JMCR Partners and HighLight Capital, along with other institutional and individual investors.
Bonti's lead product candidate, EB-001, is a botulinum neurotoxin serotype E (BoNT/E). EB-001 has a mechanism of action similar to marketed BoNT/A products with a differentiated clinical profile.
The faster onset of action for EB-001 (about 24 hours compared to three to seven days for BoNT/A products) and shorter duration of effect for EB-001 (about four weeks compared to three to four months for BoNT/A products) are unique and beneficial in a vast range of aesthetic and therapeutic, both post-surgical and non-surgical, treatment areas with currently unmet needs.
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|Date:||Apr 19, 2017|
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