MGB Biopharma Ltd., of Glasgow, Scotland, said it completed an oversubscribed fundraising round supported by new and existing investors, led by Archangel Investors and including Scottish Investment Bank, Barwell and Tricapital Investors. The new funding will allow the company to complete all activities around its ongoing phase IIa trial with its lead antibiotic MGB-BP-3 and prepare for the next stages of its development and to progress other programs through to H2 2020. An oral formulation of MGB-BP-3 is being developed specifically for the treatment of C. difficile-associated disease.
Sophiris Bio Inc., of San Diego, said it completed its registered direct offering of 5.33 million common shares (or pre-funded warrants to purchase common shares) at $0.75 each. In addition, in a concurrent private placement, the company issued the investor warrants to purchase up to 5.33 million common shares with an exercise price of $0.95 per share and a five-year exercise period. The gross proceeds are approximately $4 million.
Viela Bio Inc., of Gaithersburg, Md., has filed to raise up to $150 million in an IPO. The company is concentrating on redefining the treatment of autoimmune diseases by focusing on critical biological pathways shared across multiple indications. The Medimmune arm of Astrazeneca plc spinoff has a lead product candidate, inebilizumab, designed to target CD19, as a first-line monotherapy for neuromyelitis optica spectrum disorder (NMOSD), a rare condition that attacks the optic nerve, spinal cord and brain stem, and often leads to irreversible blindness and paralysis. In January, the company reported positive top-line data from a 231-patient N-MOmentum trial that met primary endpoint, demonstrating 77% reduction in the risk of developing an NMOSD attack vs. placebo; secondary analysis demonstrated a reduction in worsening of disability vs. placebo. The company has applied to list its shares on the Nasdaq under the symbol VIE. (See BioWorld, March 1, 2018.)