Procarta Biosystems, a privately held UK-based biotech company, announced a CARB-X award of up to $9.2 million to progress its pipeline of antibiotic precision medicines. The award includes initial non-dilutive funding up to $2.2 million with a further $7.0 million available if certain project milestones are met. The new antibiotics are based on Procarta’s proprietary oligonucleotide-based antimicrobial platform and will target potentially life-threatening infections caused by Gram-negative ESKAPE pathogens.
This new award from CARB-X recognises the value of the novel modalities in our pipeline and their potential to precipitate a paradigm shift in antimicrobial treatments. We are delighted to have support from CARB-X recognising the importance of developing new antibiotics to combat antimicrobial resistance,
said Dr Andrew Lightfoot, PhD,
MBA, Chief Executive Officer of Procarta.
This award from CARB-X follows closely on a €1.5m investment from the Novo Holdings REPAIR Impact Fund. Together, these new funds will be used to progress our lead asset, PRO-202 and to develop our proprietary drug discovery platform to build a pipeline of antimicrobial agents to cover the ESKAPE pathogens.