MicroBiome TherapeuticsTM LLC, (MBT) today announced completion of a $1.3 million bridge financing. It is intended to support completion of the company's two ongoing clinical studies and preparations for further clinical trials of lead product NM504, a microbiome modulator in development for type 2 diabetes and prediabetes. The bridge financing was led by current investor BVM Capital, who was joined in the round by other existing MBT investors.
"We welcome our investors' continuing support as we wrap up our pilot studies of NM504 and prepare for the next phase of clinical trials," noted Steve Orndorff, CEO of Microbiome Therapeutics. "Growing evidence supports a role for the gut microbiome in a range of disorders, and interest in the therapeutic potential of microbiome modulators is soaring. These additional funds will enable us to complete our ongoing studies and prepare for our next set of clinical trials. We expect to report results from the current studies soon, prior to the launch of a significant Series B financing during 2014."
NM504 is being studied in two placebo-controlled, double-blinded, proof of concept trials. The first is assessing its ability to alter the gastrointestinal (GI) microbiome to enhance insulin sensitivity and fasting blood glucose levels in prediabetic individuals. The second is testing the utility of NM504 in combination with metformin in diabetes patients with adverse GI effects. NM504 has previously demonstrated the potential to mitigate these adverse effects.
MBT is developing microbiome modulators that alter bacterial populations and their environment in the GI tract to address serious health conditions. The company's microbiome modulators are designed to act on multiple factors in the GI environment, augmenting the growth of targeted desirable bacterial strains and discouraging the growth of others. NM504 is formulated to promote microbiome shifts that positively affect metabolism and weight.
Separately, the company announced that it will be presenting at Biotech ShowcaseTM 2014 in San Francisco on January 13, 2014 at 9:15am PT.
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