NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Bonti, a privately-held, clinical-stage biotechnology company, today announced it successfully secured $11.7 million in a Series B financing. Proceeds from the round will be used to continue developing EB-001, a unique botulinum neurotoxin, for its targeted aesthetic and therapeutic indications with multi-billion dollar addressable market opportunities.
In 2015, Bonti completed an $8.9 million Series A financing, bringing the total cumulative investment to over $20 million to date. Funds from the latest round will enable the completion of the Phase 2 clinical study in the aesthetic indication. The additional investment company received will also help initiate the Phase 2 clinical study for its long-acting, non-opioid musculoskeletal therapeutic treatment during the second half of 2017 and accelerate the generation of interim data by the end of the year. The Series B proceeds will also propel Bonti past several important Regulatory steps and provide the Company resources to begin sharing its clinical findings more broadly with key healthcare professionals.
“Participation in this fundraising round exceeded our original Series B target, underscoring the exceptional interest and excitement for Bonti’s vision, team and effective execution to rapidly surpass development milestones to develop novel treatment axioms based on our unique neurotoxin platform,” said Fauad Hasan, co-founder and CEO of Bonti. “We are appreciative of our new and existing investors who provided us resources so we can achieve our next-stage goals along a path to offering patients differentiated therapies and improved outcomes.”
The rolling close of the Series B round began with an investment led by RBV Capital in late 2016, and included participation from City Hill Ventures, Colt Ventures, and other existing investors. In connection with this investment, Alexey Konov, Ph.D. from RBV Capital joined Bonti’s board of directors. The Series B expansion comprises additional equity financing by JMCR Partners and HighLight Capital, along with other institutional and individual investors.
Bonti’s lead product candidate, EB-001, is a botulinum neurotoxin serotype E (BoNT/E). EB-001 has a mechanism of action similar to marketed BoNT/A products with a differentiated clinical profile. The faster onset of action for EB-001 (about 24 hours compared to three to seven days for BoNT/A products) and shorter duration of effect for EB-001 (about four weeks compared to three to four months for BoNT/A products) are unique and beneficial in a vast range of aesthetic and therapeutic, both post-surgical and non-surgical, treatment areas with currently unmet needs.
Bonti, based in Newport Beach, California, is a rapidly emerging biotechnology company founded by world class neurotoxin experts with proven success at Allergan, one of the Fortune 500 fastest growing pharma companies. This team, with unsurpassed neurotoxin, aesthetic and pain expertise, is uniquely qualified to develop unprecedented treatment paradigms driven by a novel neurotoxin platform to become an innovative leader in both aesthetic and therapeutic markets. By turning the science of neurotoxins into beneficial patient and healthcare provider solutions, Bonti will improve lives by successfully addressing key unmet needs in markets with multi-billion dollar addressable opportunities.
For more information, please visit http://bonti.com.