Crowdfunding launches for cystic fibrosis patients

Crowdfunding launches in NZ medical first for cystic fibrosis patients

From midday today, New Zealand investors will have the opportunity to make a significant impact on the symptoms suffered by people living with cystic fibrosis as a Kiwi company enters the final stage of fundraising to take a locally developed medicine into clinical trials.

Breathe Easy, a New Zealand-based medicine development company, has just closed a successful million dollar plus fundraising round from the NewZealand angel community, Pacific Channel and the New Zealand Venture Investment Fund. The capital is for the development of Citramel, a promising medical treatment for the 75,000 children and adults worldwide with cystic fibrosis, who represent a billion dollar plus market.

Breathe Easy has partnered with equity crowdfunding platform, Snowball Effect, to raise the final $500,000 needed to start the Phase 1/lla clinical trial which has already gained regulatory and ethical approvals.

Breathe Easy CEO, Andrea Miller, says the development of Citramel is an important milestone for medical innovation in New Zealand.

“It is exciting to be developing and manufacturing a new medicine from New Zealand. This is a wholly Kiwi enterprise, driven by people with first hand experience with cystic fibrosis. Now we can open up the opportunity to everyday Kiwis to invest in something that can make a big difference to tens of thousands of people globally.”

Brent Ogilvie, Director of Breathe Easy, says the opportunity for the public to make small investments into this is unique.

“Our partnership with Snowball Effect means that people can invest amounts appropriate for them into this opportunity. Breathe Easy offers high potential financial and social returns for those who want to make a difference. With this of course comes high risk, but the potential to join a New Zealand driven team committed to combating cystic fibrosis has real appeal. We already have the commitment of thosewho’ve invested privately to evidence this, ourselves included, but this final stage of crowdfunding is important to progress our first and potentially other treatments.”

Snowball Effect spokesperson Josh Daniell says it’s exciting to see the first co-investment opportunity between retail investors and wholesale investors.

“This is the first offer in New Zealand where retail investors have the chance to invest alongside angel groups, Pacific Channel, New Zealand Venture Investment Fund, and other institutional funders. We’re thrilled to be supporting Breathe Easy with its offer.”

Citramel is in liquid form and delivered by nebuliser to inhale into the lungs of those with cystic fibrosis. Early signs of efficacy are present in a compassionate case where a cystic fibrosis patient has been on Citramel for almost two years now, with no adverse effects.

The patient says they had experienced noticeably thinner mucus, along with a range of other benefits since being on Citramel.

“My symptoms including tiredness have decreased dramatically and I feel like I’ve been able to wind the clock back. I can see first hand the improvements it has made to my life.”

The $500,000 sought through Snowball together with over $1 million of investment already raised will be used to embark on a two-phase trial to establish the safety and indicative efficacy of Citramel, and to further develop other potential medicines and devices to assist cystic fibrosis care to a trial-ready stage.

Breathe Easy is offering shares for a minimum $1000 investment from individual public investors, with more information and pre-registration available at www.snowballeffect.co.nz/offers

Trial candidate recruitment will begin as soon as funding is complete and will be conducted at the Christchurch Clinical Studies Trust. Lead by Principal Investigator Dr Chris Wynne, it is the first New Zealand trial of its kind on adults with cystic fibrosis.

“If Citramel proves to be effective, it could make a huge difference to the quality of life in many patients around the world,” said Dr Wynne.

Brent Ogilvie says the future for Citramel is exciting not just for its potential impact on cystic fibrosis symptoms, but also for its potential to treat other respiratory diseases such as Chronic Obstructive Pulmonary Disease, which affects 320 million people worldwide.

Ends.

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