The Novo Holdings REPAIR Impact Fund has made a EUR7 million investment in Mutabilis, a company developing novel antibacterials against Gram-negative infections based near Paris, France. This investment will allow the company to accelerate its 2G-Dabocins program, a wide spectrum Gram-negative anti-infective agent, which is currently undergoing lead optimisation.
“We look forward to working with the team at Novo Holdings REPAIR Impact Fund. REPAIR’s commitment to funding the development of novel antibiotics will provide us with the essential support we need to accelerate our lead asset to where it is most needed – the clinic as we strive to bring new antibiotics to the market to combat the growing threat of drug-resistant bacteria.” said Stéphane Huguet Mutabilis’s Chief Executive Officer.
The REPAIR Impact Fund also announces an investment of USD3.9 million in IBT Vaccines, a company focused on the discovery of novel vaccines for emerging infectious diseases based in Maryland, USA. IBT is developing IBT-V02, a vaccine for Staphylococcus aureus currently in late preclinical stage. IBT-V02 is a novel mode of action vaccine consisting of five toxoids with broad coverage and with a potential to be the first to market.
“Antibiotic resistant Staphylococcus aureus is a leading cause of morbidity and mortality around the world. This partnership with Novo Holdings REPAIR Impact Fund will prove invaluable in advancing our efforts of delivering a new innovative class of preventive medicines to combat staphylococcal infections and reduce the burden of antibiotic resistance,” says M Javad Aman, PhD, President and Chief Scientific Officer of IBT.
Since the launch of the REPAIR Impact Fund in 2018, a total of USD 48 million has been invested in eight companies developing promising novel anti-infective therapies across modalities, geographies, pathogens and indications.
In the last two years, the REPAIR Impact fund has built a portfolio of eight companies based in Europe and USA, working across a wide range of modalities including four small molecules, two vaccines, one peptide and one oligonucleotide-based therapy. Of these companies, five address diseases caused by Gram-negative strains and the remaining three target Gram-positive strains.
Aleks Engel, Director of the REPAIR Impact Fund, says: “We are thrilled to have Mutabilis and IBT Vaccines join the growing REPAIR Impact Fund portfolio. Both companies were selected amongst a talented pool of contenders based on their novel science and opportunity to address the vast unmet need of antimicrobial resistance.”
Following four proposal rounds since its inception two years ago, Novo Holdings has screened more than 150 investment proposals and made eight investments. 2020 will see the REPAIR Impact Fund make adjustments to its strategic scope.
Given the difficult funding environment for anti-infectives, the REPAIR Impact Fund will keep certain capital in reserve to potentially support funding for its portfolio companies Phase 2 clinical trials. The Fund will continue to initially invest only in projects that are between lead optimisation and Phase 1 clinical trials; however, this change in strategy will allow the REPAIR Impact Fund to continue to support its portfolio companies as they advance.
Aleks Engel, says: “Based on experiences to date, we may slow down our early investments slightly in order to potentially advance projects further. Simultaneously we will now also consider proposals from anywhere on the globe and are very much looking forward to seeing those.”
