Australia COVID-19 nasal spray maker raises $25m
ENA Respiratory, an Australian biotech company developing a nasal spray for the prevention of COVID-19, has raised A$32 million ($25 million) with support from local venture capital investor Brandon Capital.
Brandon, a life sciences specialist, co-led the round alongside Minderoo Foundation, a local philanthropic organization that has taken a special interest in addressing COVID-19.
Uniseed, an investor associated with government science agency CSIRO and several local universities, also participated. The government’s $500 million Biomedical Translation Fund, one of Brandon’s LPs, is also an investor in ENA.
The capital will be used to continue the development of a nasal spray that is hoped to stem the spread of the coronavirus.
ENA said the product, called INNA-051, aims to activate an “innate immunity” in the nose, which is the primary site of most COVID-19 infections. It can be used by all age groups, including infants. Phase-one human safety studies are scheduled to begin in Australia in the coming weeks.
“We recognize that in addition to vaccines, the world needs safe, convenient, broad-spectrum anti-viral therapies to win the fight against COVID-19,” Chris Smith, chairman of ENA Respiratory, said in a statement.
“INNA-051 could be incredibly helpful in protecting at-risk populations such as health workers, the elderly and immune-compromised patients against existing and emerging variants. Because INNA-051 is not virus-specific, it could also play a key role beyond fighting the COVID-19 pandemic, in combating seasonal flu or any future respiratory viral outbreaks.”
ENA claims that non-clinical studies have demonstrated INNA-051’s effectiveness in protecting users against other respiratory viruses, suggesting potential effectiveness against COVID-19. Furthermore, the product was found to reduce COVID-19 viral replication by up to 96% in an animal study performed by Public Health England.
Concurrent with the investment, ENA has appointed eminent US-based respiratory disease scientist Ruth Tal-Singer to its board. She is president and chief scientific officer of the non-profit COPD Foundation, where she leads efforts to develop novel treatments for COPD (chronic obstructive pulmonary disease), bronchiectasis, and other lung diseases.
“The COVID-19 pandemic showed the significant need for new therapies to prevent and treat respiratory viruses that impact millions around the globe each year,” Tal-Singer added. “ENA Respiratory’s novel therapy stimulates innate immunity to target viruses in the nose. It has the potential to impact the way we treat and prevent not just COVID-19, but influenza, the common cold, and other respiratory illnesses.”
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