Microbiotica announced the first close of its €42 million (£36 million / ~$45.4 million) Series C financing, a follow-on round led by British Business Bank with participation from Tencent, IP Group, Cambridge Innovation Capital, Flerie Invest and Seventure Partners, with all existing Series B investors participating. The British clinical-stage biopharma, spun out of the Wellcome Sanger Institute in 2016 to develop orally-dosed precision microbiome medicines, will use proceeds to advance lead candidate MB310 into Phase 2 clinical development for ulcerative colitis following a Phase 1b study that showed statistically significant clinical remission with no safety issues. No revenue, client, or employee-count metrics were disclosed.