Pneumagen Ltd, a spin-off company of University of St Andrews has been awarded £4 million investment from Thairm Bio and the Scottish Investment Bank (SIB).
This will allow the Fife company to develop tests of Neumifil, an anti-coronavirus nasal spray on patients in the coming year in a wider effort to prevent and treat COVID-19.
Pneumagen Chief Executive, Douglas Thomson said, “I am delighted that Thairm has chosen to support our ambitious development programme to test the efficacy of Neumifil against Covid-19 in humans, planned in the first half of 2021.”
The Scottish Investment Bank donated £1 million in investment.
Willie Rennie, MSP for North East Fife queried the Scottish Government on assisting Pneumagen with the human trials.
He noted that the company aims to manufacture in Scotland but cannot do so currently due to Scotland not having the capacity.
Ivan McKee, Minister for Trade, Investment, and Innovation responded, “I would be delighted to help the business that he mentioned to support its efforts to manufacture the product in Scotland. Such products are much needed, as we move forward in the fight against Covid-19.”
He continued, “The NMIS has worked extensively with hundreds of businesses that have innovative solutions that we want to move forward. Through the life sciences Scotland industry leadership group and others, I have engaged with the life sciences sector in looking for opportunities to support Scottish businesses in the very important areas of testing, vaccine and cure.”