Enterprise Therapeutics has closed an oversubscribed GBP29m (USD41m) Series B round co-led by Versant Ventures and Novartis Venture Fund, the biopharmaceutical company disclosed on Thursday.

Also involved in the funding was new investor Forbion, founding investor Epidarex Capital, and existing investor IP Group.

The funding will go towards the company's drug discovery pipeline of muco-regulatory therapies and progressing them into clinical development. Enterprise Therapeutics is focused on providing new treatment options for cystic fibrosis, chronic obstructive pulmonary disease (COPD), and severe asthma.

The muco-regulatory therapies are being developed to treat patients with respiratory diseases of high unmet medical need, where mucus obstruction reduces lung function, resulting in breathing difficulties and recurrent lung infections. The therapies target the ion channels TMEM16A and ENaC with the aim of increasing hydration and clearing mucus.

Enterprise Therapeutics has also identified novel targets and compounds that reduce mucus production, which is thought to complement mucus hydration therapies.