Quark Venture and GF Securities Invest US$25 Million in Microbion to Advance a New Class of Drugs that Combat Antibiotic-Resistant Infections
Vancouver, British Columbia and Bozeman, Montana – Today Quark Venture Inc., a Vancouver-based health sciences venture capital company and GF Securities, a leading investment bank in Hong Kong, announced a US$25 million investment in Microbion Corporation through its Global Health Sciences Venture Fund. Microbion, co-located in Vancouver, BC and Bozeman, MT, is a clinical stage biopharmaceutical company specializing in the treatment of hard to treat and antibiotic-resistant infections. Microbion’s lead compound, MBN-101, is the first in a new class of products to treat infections by attacking both bacteria and related microbial biofilms.
Among other advancements, this investment will enable Microbion to initiate and complete a Phase 1B/2A study in diabetic foot ulcer infections evaluating both safety and efficacy endpoints including eradication of infections and of biofilms. In 2016, the U.S. Food and Drug Administration (FDA) granted MBN-101 Qualified Infectious Disease Product (QIDP) and Fast Track designations for adjunctive treatment of moderate and severe diabetic foot ulcer infections.
“Globally, there is a pressing need to develop new antibiotics for serious, antibiotic-resistant, bacterial and fungal infections. Our investment advances Microbion’s novel and potentially revolutionary strategy to treat a variety of human infections. To date, Microbion’s lead compound, MBN-101, has demonstrated the ability to eradicate biofilms, which, along with bacterial infections, are considered one of the main causes of impaired healing in chronic wounds,” said Karimah Es Sabar, Chief Executive Officer of Quark Venture.
According to the National Institutes of Health (NIH), at least 80 percent of human infections involve bacterial pathogens growing as microbial biofilms, a relatively recently recognized and extremely resilient form of microbial life.
“This significant investment from one of the world’s largest global health sciences venture funds validates our lead compound and strategy and allows us to advance our product line by answering important clinical questions in treating anti-biotic resistant infections,” said Karim Lalji, Chairman & Chief Executive Officer of Microbion Pharma Corp. “In addition to proceeding with a Phase 1B/2A study in diabetic foot ulcer infections, this investment enables us to continue Phase 2a trial in orthopaedic infections as well as to advance development of an inhaled formulation of MBN-101 to treat cystic fibrosis related infections.”
About Quark Venture
Quark Venture Inc. is focused on equity financing of innovative biotechnology and health sciences companies with breakthrough technology platforms and projects. In late 2016, Quark Venture and GF Securities Company Limited, a leading investment bank in China, announced a new US$500 million global health sciences venture fund that invests globally in a diversified portfolio of innovative biotechnology and health sciences companies who are addressing unmet medical needs through innovations in drug development, medical devices, health IT and emerging convergent technologies. For more information on Quark Venture visit www.quarkventure.com.
About GF Securities
Incorporated in September of 1991, GF Securities is a provider of comprehensive capital market services with industry-leading innovation capabilities focused on serving China’s quality SMEs and affluent individuals. GF Securities is listed both on the Hong Kong (01776.HK) and Shenzhen (000776.SZ) stock exchanges with total market capitalization of approximately US$20 billion. GF Securities is an industry leader across the entire spectrum of its core business services: investment banking, wealth management, trading and institutional client services, and investment management. For more information, visit www.gf.com.cn.
About Microbion Corporation
Microbion, a clinical stage biopharmaceutical company, is developing MBN-101 as the first product in a new class for the treatment of resistant and difficult to treat infections. MBN-101 has broad spectrum, anti-bacterial efficacy against a broad range of gram-negative and gram-positive pathogens, including multiple priority pathogens or “superbugs.” In addition to anti-bacterial efficacy, MBN-101 has also demonstrated the ability to eradicate biofilms. This dual antimicrobial action from this first-in-class product provides a novel clinical approach to treating infections. Microbion filed an IND in the United States for MBN-101 in 2015. The company initiated its first Phase 2a study in 2016. MBN-101 has been granted Qualified Infectious Disease Product (QIDP) designation by the FDA for post-surgical orthopedic implant infections and was also granted Fast Track status for this indication by the FDA in 2015. The company has also been granted QIDP and Fast Track Designations by the FDA for adjunctive treatment of moderate and severe diabetic foot infections. For more information visit www.microbioncorp.com.
Safe Harbor Statement
Certain of the statements made in this press release are forward-looking, such as those, among others, relating to the success of clinical development of pravibismane or MBN-101 and preparation for potential commercialization. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to: our ability to enroll patients in our clinical trials at the pace that we project; the size and growth of the potential markets for pravibismane or MBN-101 or any future product candidates and our ability to serve those markets; our ability to obtain and maintain regulatory approval of pravibismane or MBN-101 or any future product candidates; and our expectations regarding the potential safety, efficacy or clinical utility of pravibismane or MBN-101 or any future product candidates. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Microbion Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Karim Lalji, Chairman & CEO
Microbion Pharma Corp.