FAB Pharma completed a €2.3 million (about $3.36 million) Series A fundraising round. Proceeds will be used in the ongoing Phase I development of anti-MRSA candidate Fab-001 and for back-up products.
The financing round was co-led by CDC Innovation and Bioam Gestion. The US healthcare-focused hedge fund Redmile Group also contributed to the financing.
FAB Pharma, a spin-out from French antibacterials company Mutabilis, has a small molecule anti-MRSA program based on candidates like Fab-001 that target the essential MRSA enzyme, fatty acid biosynthesis I (FAB I).
FAB Pharma claims that Fab-001 has a completely different mechanism of action to any other drug on the market or in late-stage development. Recruitment for the Phase I study of the drug (a single-dose injection in healthy volunteers) has just begun and the study should be completed by the end of this year. A second Phase I trial with multiple-ascending doses may start later this year.