Existing investors pledge money to firm
MGB Biopharma has received a second tranche of funding worth £800,000 from its investors
Archangel, TriCap and the Scottish Co-investment fund are the current backers.
They have released the money as MGB has achieved preclinical proof for its BP-3 compound which could be more effective at killing MRSA and clostridium difficile (c diff) than currently available solutions.
The Glasgow firm recently presented its findings at the Interscience Conference on Antimicrobial Agents and Chemotherapy(ICAAC) in Chicago, USA and expects clinical trials to start next year.
Dr Miroslav Ravic, chief executive, said: "We have been able to demonstrate clear efficacy in the preclinical stage for the technology and have confirmed MGB BP-3 as our adopted lead compound for further development."
Raymond Spencer, chief financial officer, said: "We are pleased to have secured the funding necessary to advance MGB BP-3 towards human clinical testing.
"C. difficile remains a significant healthcare problem, particularly with the emergence of hyper-virulent strains . MGB BP-3 offers some hope for hospitalised patients that are vulnerable to attack from this pathogen."
MGB Biopharma's technology was licensedfrom the University of Strathclyde.
In April last year MGB raised almost £2 million.