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Phico Therapeutics Awarded Innovate UK Funding for £1.4 Million ($1.87M) Antibacterial Therapy Project

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Funding will support development of a Pseudomonas aeruginosa targeted
therapeutic, to tackle the genetic cause of antibiotic resistance

Phico Therapeutics Ltd (‘Phico'), a biotechnology company developing a
novel platform technology as the basis of a new generation of
antibiotics to overcome antibacterial resistance, today announced that
it had been awarded significant funding to support the manufacturing
development of its intravenous antibiotic, SASPject PT3.8. Innovate UK,
the UK's innovation agency, will provide £1.4 million ($1.87 million
USD) to support the project, which will be undertaken in partnership
with The Clinical Trial Company and GE Healthcare.

Phico is developing SASPject PT3.8, an antibacterial therapy for the
systemic treatment of patients with serious Pseudomonas aeruginosa
(P. aeruginosa) infections, which have a high mortality rate. P.
aeruginosa
causes a wide range of infections, most frequently in
hospitals, and is very difficult to treat, due to the
organisms/bacteria's intrinsic antibiotic resistance mechanisms,
including an impermeable cell membrane and efflux pumps, which can
remove antibiotics that do enter the cell. As clinical trials are
expanded, it is anticipated that the product will also be used in
situations where a P. aeruginosa infection is suspected but yet
to be confirmed, further extending the market opportunity for SASPject
PT3.8.

SASPject PT3.8 has been developed using Phico's SASPject™ platform,
which utilises a unique antibacterial small acid-soluble spore proteins
(SASP), to target and deactivate bacterial DNA, stopping bacteria from
metabolising or reproducing. The Innovate UK funding will be used to
improve the manufacturing yield of PT3.8. This includes the manufacture
of a 15 litre pre-GMP batch for formal pre-clinical testing, and
development of a quality management system (QMS) for manufacturing at
Phico. As partners in the project, The Clinical Trial Company is
developing the QMS and GE Healthcare advising on practical manufacturing
processes. The programme cost will total £2 million ($2.65 million USD),
and the remaining funds will provided by Phico's shareholders.

Dr Heather Fairhead, CEO at Phico, said: "Our goal is to advance
the science of antibacterial therapy to help overcome the global problem
of bacterial resistance. This non-dilutive funding from Innovate UK is
an important validation of our platform, and will enable us to take our
lead product towards testing in humans."

ENDS

About Phico Therapeutics Ltd http://www.phicotx.co.uk/

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