MetalloBio is an antimicrobials company, designing and testing completely new types of antibiotic drugs.
Business overview
Location | Sheffield, United Kingdom |
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Social media | |
Website | www.metallobio.com |
Sectors | Healthcare Non-Digital B2B |
Company number | 13295116 |
Incorporation date | 26 Mar 2021 |
Investment summary
Business highlights
- Established in 26 March 2021 with £300k award
- First new broad-acting antibiotics in 40 years
- Data indicate potentially new modes of action
- Business supported by strong intellectual property
Pitch
About the Campaign
Antibiotics fail when bacterial pathogens develop antimicrobial resistance (AMR). All antibiotics in current medical use are affected by AMR. These antibiotics fall into 7 or 8 superfamilies of drugs. MetalloBio is working on the first completely new broad-spectrum antibiotic families in ~40 years.

Market Opportunity
Our antibiotic compounds are well-suited for complicated* infections (*more than 1 pathogen present) including: urinary tract infections, hospital-acquired pneumonia and ventilator-associated pneumonia. Global Pneumonia Therapeutics Market size was valued at USD 9.5 Billion in 2022 and is poised to grow from USD 10.36 Billion in 2023 to USD 20.63 Billion by 2031, at a CAGR of 9% during the forecast period (2024-2031)(Source: Pneumonia Therapeutics Market Size, by Skyquest, February 2024).
Traction & Key Accomplishments

We have received 5 prestigious governmental Innovate UK grants to date. First CEO, Dr Kirsty Smitten, was awarded Forbes 30 Under 30 and Federation of Small Businesses (FSB) Young Entrepreneur of the Year (2023); MetalloBio awarded Small Business of the Year (2023). We have established 2 business tracks (antibiotic licensing; access to coatings technology (collaborations with 2 industry partners); developed drug formulation; scaled up drug synthesis; and built an intellectual property portfolio.
Use of Funds
Testing compounds against multiple bacterial species:
Target: £570,000: antibiotic potency and mechanisms of killing; impact on all growth stages, including dormancy; duration of antibiotic action.
Stretch raise: £750,000: combinations of antibiotics with our most promising drug candidates.
*Please note, that this is an early stage company that is still in development, and will rely on investment generated to scale and become commercially active. Please ensure you are comfortable with the risks associated and are prepared to lose all of the money you invest.

Our late founder, Dr Kirsty Smitten, who discovered this breakthrough and left an inspirational mission for the MetalloBio team.
The campaign video has been approved by Prosper on 05/11/2024.
Video sources:
1. World Health Organisation (WHO): Global antimicrobial resistance forum launched to help tackle common threat to planetary health, published April 2023
2. World Health Organisation (WHO): Antibiotic Resistance, published 21 November 2023.
3. “Bad Bugs, No Drugs 2002-2020: Progress, Challenges, and Call to Action” by Helen W Boucher
Transactions of the American Clinical and Climatological Association (2020) 131, 65-71.
4. “Novel classes of antibiotics or more of the same?” by Anthony R.M. Coates, Gerry Halls, Yanmin Hu British Journal of Pharmacology (2011) 163, 184-194.
5. “Media representation of the antimicrobial resistance (AMR) crisis: An Australian Perspective” by S.L. Bouchoucha, E. Whatman, M. -J. Johnstone. Infection, Disease & Health (2019) 24, 23-31.
6. World Health Organisation (WHO): Antibiotic Resistance, published 21 November 2023.
7. World Health Organisation (WHO): Global Action Plan on Antimicrobial Resistance, published 1 January 2016.
8. ‘Catheter-Associated Urinary Tract Injections: Current Challenges and Future Prospects’ by Glenn T Werneburg. Research and Reports in Urology (2022) 14, 109-133.
9. ‘Point of care testing for bacterial infection/antibiotic sensitivities’ published 14 April 2022 by NHS Health Research Authority.
10. ‘Global burden of bacterial antimicrobial resistance 1990-2021: a systematic analysis with forecasts to 2050’ by the GDB 2021 Antimicrobial Resistance Collaborators, Contact Author Christopher J.L. Murray - Lancet (2024) 404, 1199-1226
11. ‘Antibiotic resistance industry is projected to witness a CAGR of 5.3% during the period 2023-2032. This growth can be attributed to the increasing global publish health concern and awareness’ published 31 October 2023 by Global Market Insights Inc.
12. ‘Antimicrobial Coatings Market by Type (Silver, Copper, Titanium Dioxide), Application (Medical & Healthcare, Food & Beverage, Building & Construction, HVAC System, Protective Clothing, Transportation), & Region – Global Forecast To 2025’ reported by MarketsandMarkets.
13. ‘Antimicrobial Additives Market Size, Share & Trends Analysis Report By Type (Organic Inorganic), By Application (Plastics, Paints & Coatings, Pulp & Paper), By End-User, By Region, And Segment Forecasts, 2024-2030’ by Grand View Research.
Key Information
IP Agreement
The company has entered into an exclusive IP licence agreement with the University of Sheffield relating to novel ruthenium-based compounds, including the Patents, the Know-how and the Data.
MetalloBio shares 10% of all sublicense income after it has received a cumulative total of £1,750,000 Sub-Licensing Income and is due to pay royalties of 1.5%, 3% or 4% of the Net Sales Value of all Licensed Therapeutic and Non-Therapeutic Products depending on patent status at the time of sales. The company also must pay a series of one-off payments Development Milestone Payments:
• £85,000 on Recruitment of the first patient to the first “first in man” (Phase I) trial for the first Licensed Therapeutic Product
• £150,000 on the recruitment of the first patient to the first randomised Phase II trial for the first Licensed Therapeutic Product
• £500,000 per event on the recruitment of the first patient to a Phase III trial for each Licensed Therapeutic Product and each indication thereof.
• £500,000 per event on grant of marketing approval for each Licensed Therapeutic Product and each indication thereof in each of the major markets
• £500,000 per event on the first sale of each Licensed Therapeutic Product and each indication thereof in each of the major markets.
The University of Sheffield may terminate the Agreement if the company or any sub-licensee materially breach the conditions of the Agreement. The university also has the termination right if an independent expert determines that the company has failed to comply with its obligations of using diligent efforts to develop, commercialise and maximise sales of the Licensed Products.
The IP can be assigned to MetalloBio once the company secures cumulatively £5 million in dilutive and non-dilutive funding and commercial income. At this event, MetalloBio is due to repay a one-off fee of £56.4k which relates to historical patenting costs borne by the University before the IP Licence Agreement.
Outstanding Convertibles
The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:
1 - £40,713.00 loan from The University of Sheffield, with the following key terms:
• Interest rate: 6%
• Conversion trigger: Fundraising in aggregate in excess of £1,000,000, upon written request from the company,
• Conversion price: the lowest price per share paid by investors for the most senior class of shares issued in a Fundraising less a discount of 20%,
• Valuation Cap: N/A
• Share class: Ordinary or the most senior share class if this carry greater rights
• Repayment date: July 2026
2 - £74,129.00 loan from The University of Sheffield, with the following key terms:
•Interest rate: 6%
• Conversion trigger: Fundraising in aggregate in excess of £1,000,000, upon written request from the company,
• Conversion price: the lowest price per share paid by investors for the most senior class of shares issued in a Fundraising less a discount of 20%,
• Valuation Cap: N/A
• Share class: Ordinary or the most senior share class if this carry greater rights
• Repayment date: Under negotiation.
3 - £137,702.00 loan from The University of Sheffield, with the following key terms:
• Interest rate: 6%
• Conversion trigger: Fundraising in aggregate in excess of £1,000,000, upon written request from the company,
• Conversion price: the lowest price per share paid by investors for the most senior class of shares issued in a Fundraising less a discount of 20%,
• Valuation Cap: N/A
• Share class: Ordinary or the most senior share class if this carry greater rights
•Repayment date: May 2025
Share classes
The company currently has 4 classes of shares: Ordinary, A Ordinary and B Ordinary and Deferred Shares. All investors in this round, including Republic Europe investors, will receive A Ordinary shares.
The rights attached to the share classes are as follows:
1 - Ordinary shares:
• Full dividend rights
• Voting rights
• In the event that the Sale Proceeds divided by the number of Equity Shares is the same or less than £3.477 per Equity Share: 0.1% of the Sale Proceeds to the Ordinary Shareholders pro rata to their respective holdings. Once the Ordinary A Shareholders have received their Priority Amount, any remainder of the Sale Proceeds will be distributed to the Ordinary Shareholders and the Ordinary B Shareholders on a pro rata basis.
• In the event that the Sale Proceeds divided by the number of Equity Shares exceeds £3.477 per Equity Share: pro rata
2 - A ordinary shares:
• Full dividend rights
• Voting rights
• In the event that the Sale Proceeds divided by the number of Equity Shares is the same or less than £3.477 per Equity Share: the Ordinary A Shareholders 99.9% of the Sale Proceeds pro rata to their respective holdings.
• In the event that the Sale Proceeds divided by the number of Equity Shares exceeds £3.477 per Equity Share: pro rata
3 - B ordinary shares
• Full dividend rights
• No voting rights
• On a winding-up event, receive one penny in aggregate for the entire class.
• In the event that the Sale Proceeds divided by the number of Equity Shares is the same or less than £3.477 per Equity Share: once the Ordinary A Shareholders have received their Priority Amount, any remainder of the Sale Proceeds will be distributed to the Ordinary Shareholders and the Ordinary B Shareholders on a pro rata basis.
• In the event that the Sale Proceeds divided by the number of Equity Shares exceeds £3.477 per Equity Share: pro rata capped at £1,095,255, which is the total B shares value at the current round share price (£3.477).
4 - Deferred shares
• No dividend rights
• No voting rights;
• On a winding up or Share Sale event, receive one penny in aggregate for the entire class.
Direct investments
The direct investments reflected in this campaign as part of this round were received by the Company in April 2024 and the Company has started putting this to use according to the use of proceeds section. The direct investors paid a slightly lower share price (£3.477) due to the need of rounding the share price to two decimal places on the platform.
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