February 18, 2009
VC Firm Perseus LLC Leads $12 Million Series B Funding for NanoBio
Ann Arbor based biopharmaceutical company, NanoBio Corporation announced that it raised $12 million in series B funding lead by Perseus LLC.�� NanoBio Corporation was founded in 2000 from the Center of Biological Nanotechnology at the University of Michigan.� The company is privately held and mainly focuses on developing dermatological products, anti-infective treatments and intranasal vaccines.� NanoBio�s main product candidates are the strain of herpes that causes cold sores, nail fungus, acne, and cystic fibrosis.
As of today, NanoBio Corporation has raised over $80 million in venture capital funding, which has gone to fund the company�s new Nanostat technology platform.� The $12 million in series B funding will go for completion of the first stage of a study that is researching a novel topical treatment for acne, preclinical studies for a nebulizer-administered treatment for cystic fibrosis, and the first phase of a study for a seasonal intranasal influenza vaccine.�
Several things were kept in mind by the investors to go ahead and release the series B funding.� The first thing that impressed investors was NanoBio�s Phase 2b data for a topical treatment for herpes labialis.� This treatment accelerates the healing of the cold sores as the leading oral systemic drugs do but without the worry about the safety and toxicity of these drugs.� Another impressive achievement of NanoBio is the preclinical data showing a vanguard non-emulsion treatment that kills highly resistant bacteria found in cystic fibrosis sufferers.��� The company also provided data from the first phase of a novel intranasal influenza vaccine, which shows an immune response 20 times higher than with injections in ferrets.�
According to the founder and Chairman of NanoBio Coprporation, James R. Baker, Jr. M.D., the continued support of Perseus LLC and NanoBio�s other investors is due to the strong data from the company�s current studies along with new development plans, which indicates good potential for future growth in the biomedical industry.
Perseus LLC is a merchant bank and a private equity fund management that has seven capital funds under its management totaling of about $20 billion.�� Perseus LLC is based in Washington, DC with offices in New York, and an affiliate in Munich, Germany.� Perseus also co-manages a $449 million investment fund in the science market and has invested in buyout and equity transactions in the United States, Canada, and Western Europe.�