Mikrobiomik Seeks Up to €3 Million in One Financing Round

Mikrobiomik is seeking capital with an eye on Europe. The biopharmaceutical company, which develops drugs based on the human microbiome, will close a financing round at the end of June with which it expects to raise between two and three million euros. With the capital raised, the company will focus on starting to market its first drug by 2025 on a European scale, according to the company’s CEO, Juan Basterra.

The biopharmaceutical company, founded in 2018, specializes in the research and development of treatments on intestinal microbiota, also known as gut flora. Mikrobiomik’s first drug, MBK-01, is in Phase III clinical trial and consists of four single-dose capsules. The study is being conducted in 21 Spanish hospitals and involves 72 participants.

The financing round, which will close at the end of June, has involved the Basque public venture capital company, Seed Capital Bizkaia, as well as the founding partners, the investment firm Orza and several family offices. In this round, the company expects to raise between €2 and €3 million, with the aim of accelerating the clinical trial they have underway, as well as starting others.

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Mikrobiomik plans to start a new round to raise up to €6 million in 2023

With this boost, the biopharmaceutical company expects to complete the clinical trial by the end of the year and thus be able to start the 2024 financial year with the preparation of the approval dossier and the commercialization of the product. The aim is to create a sales network for the drug with agreements with various pharmaceutical groups.

Mikrobiomik is already in talks with the European Medicines Agency so that the drug can be approved centrally and obtain marketing approval throughout Europe in 2024. Once this round is completed, the company plans to initiate a new financing round with the aim of raising €6 million, in which it plans to include international investors. Juan Basterra stressed that “we are convinced that the money is not here or in Europe and we plan to go to Boston in October.”

The aim of this new round would be to boost the studios, move to a larger space where they can set up a production plant, and increase the team by up to 45 people. The new site would be located in the same technology park in Bizkaia where the company is currently located.

The company has fifteen employees and plans to triple its workforce next year

Among the company’s long-term projects is the arrival in the U.S. market, as well as the development of a platform using artificial intelligence. The company expects to launch this tool by 2027, while now it is planning to develop an artificial intelligence platform for the US market.

The company plans to launch this tool in 2027, while now they are collecting information from donors that allows knowing the composition of the microbiota and generating traceability that shows the results from the treatment process, in order to to be able to make customized medicines.

The initial capital of the company was distributed among the seven founding partners, in addition to the wealth manager Orza, which entered in 2019, and is the majority shareholder. Until now, the biopharmaceutical company has raised four million euros and new investors have been incorporated.

Mikrobiomik is made up of a team of fifteen workers, including doctors, pharmacists, biomedics, among others. In addition to the aforementioned study, the company is carrying out three other studies in different phases: one of them on bacterial multi-resistance to antibiotics, which is in phase II and has the collaboration of eight hospitals.

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(Featured image by fotoblend via Pixabay)

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