Bugworks Research, a clinical stage multi-indication therapeutics company, announced the financing of US$18M Series B1.
This round will support the clinical development of BWC0977, a novel broad spectrum anti-bacterial agent available in both IV and Oral forms, and the pre-clinical development of its best-in-class Adenosine immuno-oncology asset, according to the company’s statement.
The Series B1 financing was led by Lightrock India and included existing investors The University of Tokyo Edge Capital (UTEC) Japan, Global Brain Corporation in Japan, 3ONE4Capital India, Acquipharma Holdings S.A, I.M Holdings B.V. and Featherlite Group India. Tejasvi Ravi, representing LightRock India will join the company’s Board of Directors.
Anand Anandkumar, Chief Executive Officer, Bugworks Research said, “We are very excited about our lead clinical asset BWC0977 that is potentially the first novel truly broad-spectrum anti-bacterial drug in nearly five decades. We are very honored to welcome a syndicate of world class investors, who join our committed existing-investors in supporting our dual mission of combating AMR and hard to treat cancers.”
“It is a privilege to partner with Bugworks in solving the problem of antimicrobial resistance (AMR) which is fast becoming one of the most important global public health crises, with the best of Indian talent and technology. Their in-house platform coupled with a truly global execution network, puts Bugworks in a unique position to deliver pathbreaking solutions to combat antimicrobial resistance (AMR) and cancer,” said Tejasvi Ravi who leads healthcare investments at Lightrock.
Commenting on the investment in Bugworks, Yurimoto, Founder and CEO of Global Brain Corporation, one of Japan’s premier investment houses said, “We are extremely proud to partner with Bugworks, as the company invents new molecules to treat the worst infections and cancers. Bugworks is a unique company within our portfolio, focusing on innovation in biotech and life sciences, which can change the world forever.”
“I am very pleased to join this investment round and to stay committed to one of the most innovative and nimble drug discovery startups from India, which is focusing on an issue of global significance, AMR; a silent pandemic with devastating consequences,” said Dr. Kiran Mazumdar-Shaw, CMD Biocon. “Their new program in the Immuno-Oncology space also validates the promise and potential of early-stage innovation from India to the world!”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.