Bugworks Research Inc secures $18 million Series B1 funding from Syndicate

Bugworks Research today announced the financing of $18 million 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.

In a statement, the company said that Bugworks will continue to invest in its proprietary drug discovery platforms GYROX (for AMR) and DARE (for IO), and identify new drugs for serious and underserved indications. Bugworks’ lead antibacterial asset BWC0977 continues to be supported by CARB-X, the global non-profit partnership dedicated to accelerating anti-bacterial research to tackle the global threat of drug-resistant bacteria.

The Series B1 financing was led by Lightrock India and included existing investors The University of Tokyo Edge Capital (UTEC) Japan; Global Brain Corporation, Japan; 3ONE4Capital, India; Acquipharma Holdings SA; IM Holdings BV and Featherlite Group, India. Tejasvi Ravi, representing LightRock India will join the company’s Board of Directors, added the statement.

The company has also added 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, according to the statement.

Anand Anandkumar, Chief Executive Officer, Bugworks Research, said in the statement, “We are excited about our clinical asset BWC0977 that is potentially the first novel truly broad-spectrum anti-bacterial drug in nearly five decades. We are honoured 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 path-breaking solutions to combat antimicrobial resistance (AMR) and cancer,” said Ravi in the statement, who leads healthcare investments at Lightrock.

Commenting on the investment in Bugworks, Yurimoto, Founder and CEO, Global Brain Corporation, also said in the statement, “We are 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, focussing on innovation in biotech and life sciences, which can change the world forever.”

Adding to it, Dr Shaw said, “I am 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 focussing on an issue of global significance, AMR; a silent pandemic with devastating consequences. Their new programme in the Immuno-Oncology space also validates the promise and potential of early-stage innovation from India to the world.”