[Funding alert] Bugworks raises $7.5M, will focus on pandemic preparedness
Bengaluru-based biotech startup Bugworks raises $7.5 million amid coronavirus pandemic as the world recognises the need to tackle challenges posed by bacterial superbugs.
Bugworks Research Inc, a global biopharma startup designing novel broad-spectrum antibiotics, has announced the completion of $7.5 million financing, led by University of Tokyo Edge Capital (UTEC) Japan and Global Brain Corporation (Global Brain) Japan, along with Acquipharma Holdings, South-Africa.
The company has raised $19 million till date, and has 3one4 Capital as an existing investor.
This investment enables Bugworks to complete Phase 1 studies for its GYROX series intravenous drug candidate, and advance an oral lead towards clinical development.
Bugworks’ drug candidate, a dual-target gyrase-topoisomerase inhibitor, supported by CARB-X since 2017, is a novel broad-spectrum agent targeting critical bacterial infections implicated in serious hospital, community and biothreat indications.
“UTEC led the Bugworks Series A in 2018, as we identified Antimicrobial Resistance (AMR) as one of the global issues of mankind, and facilitated Bugworks’ collaboration with Japanese ecosystem. Bugworks has thoroughly impressed us with their scientific rigour, pre-clinical data, business development progress, and commitment to saving lives. We are now proud to double down our investment in Bugworks,” said Tomotaka Goji, Managing Partner and President, UTEC.
Bugworks is the only startup working on new antibiotics and anti-virals, which are most important for pandemic preparedness.
Dr Anand Anandkumar, CEO of Bugworks, said: “This new financing is an endorsement of our team and differentiated AMR assets, as we bring reputed global investors to aid our mission of pandemic preparedness by defeating superbug infections.”
In the backdrop of COVID-19, this Indian startup managed to close global funding in a difficult deep science space. This fund- raise will probably encourage many more companies to step up and solve problems that impact all of humanity.
“As witnessed with COVID-19, infectious diseases are threatening human existence. AMR is a serious issue and Global Brain regards this as a big unmet medical need. We are proud to partner with Bugworks to bring highly differentiated solutions in AMR to the market,” said Yasuhiko Yurimoto, Founder-CEO and General Partner, Global Brain.
(Edited by Teja Lele Desai)