Life sciences venture capital firm Brandon Capital and philanthropic organisation the Minderoo Foundation are jointly leading a $32 million investment round in ENA Respiratory, an Australian biotech company that is developing a nasal spray for the prevention of COVID-19 and other respiratory infections.
The Minderoo Foundation was established by Andrew and Nicola Forrest in 2001.
Brandon Capital is an existing investor in ENA Respiratory.
The new funding, which was to be officially announced on 17 June, will be used to advance ENA Respiratory’s lead drug candidate, INNA-051, which has been developed to activate an innate immune system response in the nose, the primary site of most respiratory virus infections including COVID-19.
INNA-051 is believed to be the most advanced treatment of its type. Studies have indicated that the nasal spray is up to 96% effective in reducing COVID-19 viral replication in a peer reviewed study by Public Health England (PHE) scientists.
The company is planning to initiate its Phase I human safety study of INNA-051 in Australia within weeks.
Image: ENA Respiratory’s nasal spray device. Credit – Joanne Manariti Photography.