Hypha Discovery™ Ltd completes second tranche of investment

London, 31st March 2008

Hypha Discovery Ltd, the drug lead discovery company which exploits mushroom fungi to discover novel biologically active compounds for drug discovery, announced today that existing investors, Prof Henry Beker and The University of Westminster, have completed the second tranche of the 1st round of investment, this second tranche totalling £240,000. The funding will be used for the continued assessment of Hypha’s novel antibiotic compounds for drug discovery and also to establish an anticancer compound discovery programme using the MycoDiverse™ library of enriched fungal chemistry.

Dr Liam Evans, Hypha’s CEO, commented: “Hypha appreciates the continued support of Prof Beker and the University of Westminster. The funds allow us to expand the team and broaden our discovery efforts into the oncology arena. We are encouraged by the success of our discovery processes, in particular that we are achieving a 50% structural novelty rate for the bioactive compounds we’ve unearthed to date, which is very impressive for natural products discovery.”