Bugworks Research Inc. secures US$18M Series B1 Funding from Reputed Global Investor Syndicate (The EU, UK, Japan, South Africa & India), led by Lightrock India

2022-02-09 10:00 9786

This Funding will advance highly differentiated assets in the dual areas of Antimicrobial Resistance (AMR) and Immuno-Oncology (IO)

BANGALORE, India, SARATOGA, Calif. and ADELAIDE, Australia, Feb. 9, 2022 /PRNewswire/ -- Bugworks Research, a clinical stage multi-indication therapeutics company, today announced the financing of US$18M Series B1. This round will support the clinical development of BWC0977, a novel broad spectrum anti-bacterial agent available in both IV and Oral forms, and the pre-clinical development of its best-in-class Adenosine immuno-oncology asset. Bugworks will continue to invest in its proprietary drug discovery platforms GYROX (for AMR) and DARE (for IO), and identify new drugs for serious, underserved indications. Bugworks' lead Antibacterial asset BWC0977 continues to be supported by CARB-X, the global non-profit partnership dedicated to accelerating antibacterial research to tackle the global threat of drug-resistant bacteria.

Bugworks co-founding team, from L to R, Drs. Bala Subramanian, Anand Anandkumar, Santanu Datta and Shahul Hameed
Bugworks co-founding team, from L to R, Drs. Bala Subramanian, Anand Anandkumar, Santanu Datta and Shahul Hameed

The Series B1 financing was led by Lightrock India and included existing investors The University of Tokyo Edge Capital (UTEC) Japan, Global Brain Corporation in Japan, 3ONE4Capital India, Acquipharma Holdings S.A, I.M Holdings B.V. and Featherlite Group India. Tejasvi Ravi, representing LightRock India will join the company's Board of Directors.

The company is also deeply honored to add recognized global thought leaders as investors, including Lord Jim O'Neill, the author of "The Review on Antimicrobial Resistance (AMR) 2016" and Dr. Kiran Mazumdar-Shaw, Executive Chairperson and Founder, Biocon Limited.

Anand Anandkumar, Chief Executive Officer, Bugworks Research said, "We are very excited about our lead clinical asset BWC0977 that is potentially the first novel truly broad-spectrum anti-bacterial drug in nearly five decades. We are very honored to welcome a syndicate of world class investors, who join our committed existing-investors in supporting our dual mission of combating AMR and hard to treat cancers."

"It is a privilege to partner with Bugworks in solving the problem of antimicrobial resistance (AMR) which is fast becoming one of the most important global public health crises, with the best of Indian talent and technology. Their in-house platform coupled with a truly global execution network, puts Bugworks in a unique position to deliver pathbreaking solutions to combat antimicrobial resistance (AMR) and cancer," said Ms Tejasvi Ravi who leads healthcare investments at Lightrock.

Commenting on the investment in Bugworks, Mr. Yurimoto, Founder and CEO of Global Brain Corporation, one of Japan's premier investment houses said, "We are extremely proud to partner with Bugworks, as the company invents new molecules to treat the worst infections and cancers. Bugworks is a unique company within our portfolio, focusing on innovation in biotech and life sciences, which can change the world forever."

"I am very pleased to join this investment round and to stay committed to one of the most innovative and nimble drug discovery startups from India, which is focusing on an issue of global significance, AMR; a silent pandemic with devastating consequences," said Dr. Kiran Mazumdar-Shaw, CMD Biocon. "Their new program in the Immuno-Oncology space also validates the promise and potential of early-stage innovation from India to the world!"

Important Notes to Editors

Some research reported in this press release is supported by CARB-X. CARB-X's funding for this project is sponsored by the Cooperative Agreement Number IDSEP160030 from ASPR/BARDA and by awards from Wellcome Trust and Germany's Federal Ministry of Education and Research. The content is solely the responsibility of the authors and does not necessarily represent the official views of CARB-X or any of its funders.

About Bugworks

Bugworks Research Inc, (Bugworks), is a clinical stage biopharmaceutical company that is developing novel therapeutic assets in the anti-infectives and immuno-oncology (IO) areas using innovative science from the frontiers of computational biology, pharmacology, structural-biology, and medicinal chemistry. BWC0977 is currently in a Phase 1 clinical trial and is targeted to address unmet needs of serious hospital & community infections, and bacterial biothreats. Its asset for IO is in the mid pre-clinical stage, targets multiple cancers and is expected to be used either standalone or in combination with immune checkpoint therapies.

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Source: Bugworks