An Alderley Park-based drug company has raised £3m to help it progress into human clinical trials thanks to an investment by the Greater Manchester and Cheshire Life Sciences Fund.
The investment in Blueberry Therapeutics was led by the Catapult Ventures-managed fund and included participation from San Francisco-based InClin Investments as well as a number of private investors.
The funding will support the progress of its treatment for onychomycosis (fungal nail infection) and associated tinea pedis (athlete's foot) into clinical development
Dr John Ridden, chief executive and co-founder of Blueberry Therapeutics, said: "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."
Dr Gareth King, investment manager at the Greater Manchester and Cheshire Life Sciences Fund, said: "We're delighted to have led this investment in Blueberry Therapeutics and excited to be joining the team at this important time as the company progresses its lead product into patients.
"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."
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