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(Sharecast News) - Science and technology investor IP Group said portfolio company Microbiotica has closed a £36m financing in which it invested £4m.
Microbiotica, a clinical-stage biopharma company developing a pipeline of orally-dosed, precision microbiome medicines, said the cash will support advancement of its potential treatment for ulcerative colitis into a phase two trial after initial study showed "statistically significant improvements in clinical remission versus placebo".
Following completion of the funding round, IP Group will have an undiluted beneficial holding of 16.4% in Microbiotica, valued at £24.1m.
Microbiotica is a private, clinical-stage, biopharma company developing oral precision microbiome medicines called live biotherapeutic products (LBPs). Its lead programme, MB310, is being developed for ulcerative colitis and has demonstrated promising clinical activity and a favourable safety profile in a Phase 1b study, IP Group said in a statement on Friday.
Reporting by Frank Prenesti for Sharecast.com
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