7 March 2014
Mimetica Pty Ltd ("Mimetica") closed a $6 million financing round lead by new investor GBS Venture Partners. The capital raising will be sufficient to fund the company’s ongoing development work through the execution of a phase 2 clinical trial to test the efficacy of the company’s novel topical drug in acne patients.
Executive director Dr Michael Thurn commented “We are very pleased with the outcome of Mimetica’s recent fund raising activities and warmly welcome Australia’s premier life science investors in GBS to the company. We now look forward to continuing the successful development of the company’s lead compound and proving its efficacy in acne patients.”
The financing has seen the company consolidate its operations and establish an office in Melbourne, and Dr Michael Panaccio and Mr Benjamin Gust have both joined the board. GBS Investment Director Mr Benjamin Gust said “GBS are excited to support a very promising Australian drug development program. Mimetica’s lead compound shows potential as a safe and efficacious topical treatment for acne, a huge indication currently dominated by treatments which are either mildly efficacious or have the risk of significant adverse effects”.