NovaBiotics, the Aberdeen-based biotechnology company focused on providing remedies for some of the world’s most common ailments, is inching towards commercialisation of one of its core products.
The major milestone is now “nearer-term” after many years of product research and development (R&D), chief executive and scientific officer Deborah O’Neil told The Press and Journal.
NovaBiotics is targeting an enormous global market with its “rapid acting solution” for all sorts of nail disorders.
Brush-on treatment has huge market
NP213 is based on natural peptides present within nails and skin – strings of amino acids forming the “building blocks” of proteins. These play a crucial role in maintaining healthy tissue.
A patented brush-on treatment containing NP213, Novexatin, is specifically designed for the treatment of onychomycosis, or nail fungus. This market alone is large but the wider applications of NP213 will tap into one worth many billions of pounds globally.
Nail disorders are estimated to affect up to 12% of the world’s population and treatments represent a growing global market expected to reach £8 billion by 2032.
More than one in 10 of the world’s population are said to be afflicted by nail fungus. The condition is even more prevalent among the elderly and people suffering from circulatory problems.
An as yet unnamed commercial partner has exclusive rights to market Novexatin in some parts of the world and product launch is expected next year. Terms of the licensing deal include Novabiotics receiving development milestone payments before launch and royalties later.
It’s a different approach to what anyone else is doing.”
Deborah O’Neil
Novabiotics, which a few years ago was named one of Scotland’s top 10 biotech firms to watch out for, is also working on drugs and therapies for a range of other conditions.
It has products targeting cystic fibrosis, respiratory yeast and mould infections, as well as potentially life-threatening bacterial infections. Meanwhile, NM002 (Nylexa) is billed as a “potential game changer” for Covid-related community acquired pneumonia.
But it is the looming first product launch and monetisation of NP213/Novexatin the company is largely focused on right now, Ms O’Neil said.
Other potential applications
She added: “We are more fortunate than most early-stage (development) biotech companies in having something that is so very new to the market. It’s a different approach to what anyone else is doing. Others are reformulating existing antifungals but what we are doing goes way beyond that.”
Ms O’Neil said the groundbreaking technology platform behind NP213 potentially had other applications, besides nail disorders, in the “consumer play” personal care market.
NovaBiotics, founded by Ms O’Neil in 2004, is a spin-out from research carried out at the Rowett Institute. The company has spent the past 19 years working to rid the world of a range of debilitating conditions.
Its founder and CEO is also chairwoman of the life sciences sector board at economic development partnership Opportunity North East (One), which last week opened a £40 million centre of innovation, One BioHub, at Foresterhill, Aberdeen, for the industry.
Latest accounts for pre-revenue firm show annual losses totalling £2.4m
Meanwhile, accounts lodged by NovaBiotics at Companies House show £2.4m of pre-tax losses and no revenue for the R&D-stage business in the year to November 30 2022.
To date, the firm has been funded by a combination of equity investment, milestone payments from licensing deals, R&D tax credits, grants and “other sundry income”.
NovaBiotics’ 10-strong R&D team is based in Bridge of Don.
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