Alderley Park-based Blueberry Therapeutics raises £3m in funding

Drug discovery firm Blueberry Therapeutics is hoping to push its treatment for athlete’s foot and other fungal infections into the clinical trial stages after raising £3m in funding.

The nine-figure investment was led by the GM&C Life Sciences Fund but drew participation from a number of investors, including US firm InClin Investments.

With the cash in place, Alderley Park-based Blueberry will work on developing its treatment for Onychomycosis, a fungal nail infection, in a market valued at more than £3bn per year.

The CEO of Blueberry Therapeutics, John Ridden, commented: “We’re delighted to have secured this funding which will enable us to move our lead program to treat Onychomycosis with associated tinea pedis into human clinical trials with the ambition of moving into Phase III trials early in 2017.

“The investment, from dedicated life science funds in the UK and US is a significant step in the growth of Blueberry and opens up a range of exciting opportunities in topical therapies.”

Blueberry is also due to meet with the US Food and Drug Administration (FDA) to seek approval for its clinical development plans.

The company’s chairman, Andrew Kay, commented: “I’m delighted the company has been so successful in this fund raising which will allow it to progress the potential blockbuster lead drug to be ready for Phase III clinical development.”

Gareth King, an investment manager with the GM&C Life Sciences Fund, said he is excited to join the Blueberry team at this “important time” in the development of its core treatment.

Discussing the investment, Gareth said: “We were attracted to Blueberry by the exceptional experience of its management team and their compelling preclinical data for this well differentiated and novel topical treatment.

“We look forward to working together with Blueberry’s board, and co-investors InClin Investments, to help the company fulfil its ambition.”

Melanie Yeomans from law firm Ward Hadaway provided legal advice for the GM&C Life Sciences Fund, while Blueberry was advised by Slater Heelis’ Simon Wallwark.

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