New investors in BRP. Fund iif.vc and Manawa in investment round: PLN 18m

BioResearch Pharma S.A. (BRP), a company developing novel topical dermatological therapies based on repurposing of known and market-authorized active substances, has carried out another round of funding. Manawa (family foundation established by Marian Popinigis) and the fund iif.vc along with a co-investor, took part in the issue. The company raised a total of PLN 18 million in this funding round. The financing was divided into two tranches. In the first tranche, in the current year, funds worth PLN 10 million were paid in, and the remaining PLN 8 million will be paid in the second tranche.

The largest portion of the new issue was taken up by the fund iif.vc along with a co-investor (PLN 10 million) and BRP’s strategic investor Manawa (PLN 8 million).

The proceeds will be devoted to carrying out research and development on two of BRP’s strategic therapies, which ultimately may be used to treat million of people around the world suffering from androgenetic alopecia (project BRP-011) and large-plaque psoriasis (project BRP-007).

Company at the clinical phase – according to plan

BioResearch Pharma’s strategic projects are at the clinical stage and are being implemented in line with the adopted timetable.

The path for development of repurposed drugs—which BRP’s strategy is based on—is up to three times faster, less costly, and carries significantly lower research, technological and regulatory risk than traditional R&D on drugs based on new chemical compounds.

“We are pleased that the group of BRP’s founders, shareholders and investors is expanding to include another fund, iif.vc,” said Łukasz Zybaczyński, CEO of BioResearch Pharma. “It is joining a strong group of investors, including among others the strategic shareholder Manawa, the funds Augebit and Quercus, and a group of private investors, including managers of the company. This year’s issue will allow us to pursue further clinical work. We are carrying out further stages in the development of drugs for alopecia and psoriasis in line with the timetable and the adopted budget, and we have received positive opinions from the market regulator under the Scientific Advice procedure.”

Marian Popinigis, founder of Manawa, explained: “As a strategic investor, via Manawa, I have consistently supported BioResearch Pharma, and this is yet another round of funding in which I am participating. I am pleased that at this stage of clinical trials, BRP is being joined by a strong partner, the fund iif.vc.”

Dr Maciej Wieloch, managing partner at iif.vc, commented: “Cooperation with private investors and building with them funding rounds that are large for the Polish market is exactly why we built iif.vc. Before, such funds were not reaching companies at this stage, particularly in deep tech projects.”

Marcin Bielówka, managing partner at iif.vc, added: “The investment in BioResearch Pharma ideally suits our strategy of supporting ambitious tech projects. The path for repurposing drugs which BRP has adopted is a faster and less risky route to global success.”

The shareholders of BioResearch Pharma S.A. currently (in December 2025) include, along with the company’s founders, Manawa Fundacja Rodzinna (founded by Marian Popinigis, creator of the success of Blirt S.A.), iif.vc with a co-investor, Augebit FIZ, Quercus Multistrategy FIZ, and a group of managers affiliated with the company.

Psoriasis—affecting up to 3% of the world’s population

Around the world, some 1–3% of the population live with various forms of psoriasis. The area covered by the BRP-007 patent has a population of about 10–30 million people. According to a CRO IQVIA report commissioned by BRP, by 2028 the value of this market may reach some EUR 29 billion in the US and EUR 40 billion worldwide, generating average annual growth (CAGR) of 5%. BRP-007 is a candidate for a topical treatment for mild to moderate psoriasis, the most common form of the disease, affecting about 94% of patients.

Androgenetic alopecia

According to the 2024 report by CRO IQVIA, commissioned by BRP, in European countries (the area covered by the patent for project BRP-011), over 200 million patients suffer from androgenetic alopecia, but only a small percentage of them receive treatment. According to the CRO IQVIA report, the value of the global alopecia market may reach EUR 14–16 billion by 2028, at an average annual growth rate (CAGR) of 10–12%. No new drug for androgenetic alopecia has been approved in over 25 years.