What Biosergen does

Biosergen AB is a Swedish-domiciled, publicly listed clinical-stage biotechnology company (Nasdaq First North Growth Market Stockholm: BIOSGN) developing BSG005, a genetically engineered polyene macrolide antifungal drug for the treatment of invasive fungal infections in immunocompromised patients, including those with AIDS, cancer, and transplant recipients. The technology was invented at the Norwegian University of Science and Technology (NTNU) in collaboration with SINTEF and is protected by patents extending to 2043. BSG005 is differentiated from existing antifungals by its fungicidal mechanism (killing rather than inhibiting fungal growth), broad-spectrum activity across Candida, Aspergillus, Fusarium, Mucor, and Cryptococcus pathogens, and a superior safety profile — a Phase 1 trial in 38 healthy subjects showed no significant adverse events and limited kidney toxicity as measured by NAG biomarker. Two additional formulations are in development: BSG005 Nano Lung (inhaled delivery for pulmonary infections) and BSG005 Nano Oral. The company holds FDA Orphan Drug designation, providing 5 years of post-approval market exclusivity in the U.S.

The business model is pre-revenue pharmaceutical development and eventual commercialization through a hybrid direct-and-partnered distribution structure. Biosergen retains global commercial rights with the exception of India, where Alkem Laboratories Limited holds exclusive commercialization rights under a partnership that includes a proof-of-concept study where the first patient treated with BSG005 recovered. Distribution to hospitals, ICUs, infectious disease specialists, and oncologists is planned via direct sales in partnered-licensee markets and through Alkem in India. The company was founded on the NTNU/SINTEF research program, completed its IPO in June 2021, is headquartered in Solna, Sweden with R&D ties to Trondheim, Norway, and employs 1-10 people as listed. On April 4, 2026, Biosergen announced it was pausing BSG005 development. As of December 31, 2025, the company reported a cash position of 15.3 MSEK, a Q4 2025 net loss of 12,463 TSEK, and 2,348,232 shares outstanding following a 1:100 reverse split. Östersjöstiftelsen is the largest shareholder at 42.0%.

Name

Biosergen

Legal name

Biosergen AB

Website

https://biosergen.net

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Biosergen AB is a Swedish-listed, pre-revenue clinical-stage biotech developing BSG005, a broad-spectrum fungicidal polyene macrolide antifungal, for invasive fungal infections in immunocompromised patients. The company holds FDA Orphan Drug status and patents through 2043.

Ownership category

akta.pro rank

Product category

Antifungal Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Infectious Disease & Antimicrobials Pharmaceuticals (HLAIAAAG)

Keywords

• Antifungal drug development
• Invasive fungal infection treatment
• Polyene macrolide therapy
• Immunocompromised patient therapeutics
• Clinical-stage biopharmaceuticals

Headquarters

HQ city

Trondheim

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Others

Revenue model

1. Pharmaceutical Development and Commercialization: Biosergen is a pre-revenue biotech company focused on developing BSG005 through clinical trials toward regulatory approval. Revenue will be generated through product sales upon successful commercialization. Commercial rights are secured globally by Biosergen with regional exclusivity granted to partners such as Alkem Laboratories for India.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Biosergen develops BSG005, a genetically improved polyene macrolide antifungal drug candidate invented at the Norwegian University of Science and Technology (NTNU) in collaboration with SINTEF. BSG005 is fungicidal, targeting a broad spectrum of invasive fungal pathogens including Candida, Aspergillus, Fusarium, Mucor, and Cryptococcus. The company also develops two novel formulations, BSG005 Nano Lung for inhalation delivery and BSG005 Nano Oral for oral administration, aimed at treating life-threatening fungal infections in immunocompromised patients.

Product overview

Biosergen's product portfolio centers on BSG005, a groundbreaking antifungal drug candidate developed through two decades of research at NTNU in collaboration with SINTEF. BSG005 is a genetically engineered polyene macrolide offering superior safety and potency compared to existing treatments. The core product is supported by two innovative formulations in development: BSG005 Nano Lung for targeted lung delivery and BSG005 Nano Oral for effective oral administration. The company is advancing clinical trials toward Phase 2, with regulatory submissions planned in the US, Europe, and India.

Differentiator

Problem solved

Functional benefit

Products and services

• BSG005 BSG005 is a genetically improved polyene macrolide antifungal drug candidate designed to treat invasive fungal infections in immunocompromised patients, including those with AIDS, cancer, and organ transplant recipients. It is fungicidal (kills fungus rather than inhibiting growth), targets a broad spectrum of fungal pathogens including Candida, Aspergillus, Fusarium, Mucor, and Cryptococcus, and demonstrates superior safety with no significant side effects in Phase 1 trials of 38 healthy subjects.
• BSG005 Nano Lung BSG005 Nano Lung is an innovative inhalable formulation of the BSG005 antifungal drug, specifically designed to target and treat lung fungal infections via inhalation delivery for immunocompromised patients.
• BSG005 Nano Oral BSG005 Nano Oral is an innovative oral delivery formulation of the BSG005 antifungal drug that enables effective oral administration for treating invasive fungal infections in immunocompromised patients.

Quantifiable outcome

• No serious adverse events occurred in Phase 1 trial with 38 healthy subjects; adverse events were mild to moderate in severity
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• Scientific Advisory BoardcoreStrategic or Co-development Partner · 22 September 2025The Scientific Advisory Board comprises international experts in medical mycology including professors from University of Manchester, University hospitals Leuven, University Medical Center Hamburg-Eppendorf, University of Exeter, MD Anderson Cancer Center, and others. The board discusses and guides BSG005 development plans for invasive fungal diseases.
• Alkem Laboratories LimitedcoreChannel Partner/ Reseller/ DistributorBiosergen partnered with Alkem Laboratories Limited, one of India's top pharmaceutical leaders, for the development and commercialization of BSG005. Alkem holds commercial rights for India while Biosergen retains global rights. The partnership includes a proof-of-concept study showing promising results with the first patient successfully treated and recovering from fungal disease.
• NTNU (Norwegian University of Science and Technology)coreStrategic or Co-development PartnerBSG005 was invented at NTNU in collaboration with SINTEF's Department of Biotechnology and Nanomedicine, originally funded by the Research Council of Norway. The drug is based on two decades of scientific work at NTNU, representing a foundational R&D partnership for the company's core technology.
• SINTEFcoreStrategic or Co-development PartnerSINTEF, one of Europe's largest private research institutions with more than 2,000 employees located in Trondheim, Norway, collaborated with NTNU on the development of BSG005. SINTEF's Department of Biotechnology and Nanomedicine contributed to the genetic engineering of the polyene macrolide technology underlying BSG005.

Scale indicators9 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Cidara Therapeutics: Cidara developed rezafungin (Rezzayo), an FDA-approved echinocandin antifungal for invasive candidiasis. It is the most direct clinical-stage parallel to Biosergen as a small-cap innovator focused on safer, broader-spectrum antifungals for invasive fungal infections.
• F2G: F2G is a clinical-stage biotech developing olorofim, a novel-mechanism antifungal for invasive fungal infections including resistant strains. It targets the same immunocompromised patient population as BSG005 and represents a direct competitive threat in the antifungal innovation space.
• Matinas BioPharma: Matinas is developing MAT2203, an oral formulation of amphotericin B for fungal infections. It is the closest mechanistic parallel to Biosergen (also a polyene macrolide) and similarly focused on reformulating a known antifungal class for improved delivery and safety.
• Scynexis: Scynexis developed ibrexafungerp, a first-in-class glucan synthase inhibitor antifungal approved for vulvovaginal candidiasis and studied for invasive infections. It is a direct competitor in the novel antifungal innovation space and shares Biosergen's positioning as a small-cap innovator.

Emerging players

• Amplyx Pharmaceuticals: Amplyx developed fosmanogepix, a novel antifungal acquired by Pfizer in 2021. It overlapped directly with Biosergen's target indication (invasive fungal infections in immunocompromised patients) and represents an emerging competitor now embedded within a major pharma.
• Pulmatrix: Pulmatrix focuses on inhaled pulmonary drug delivery, sharing Biosergen's BSG005 Nano Lung formulation focus on treating lung fungal infections. It is a relevant emerging peer for the inhalation delivery angle of Biosergen's pipeline.

Broad incumbents

• Pfizer: Pfizer markets established antifungals (Diflucan/fluconazole, Vfend/voriconazole, Eraxis/anidulafungin) and acquired Amplyx for fosmanogepix. It is the dominant incumbent in antifungals and a likely strategic acquirer of assets like BSG005.
• Merck & Co. Merck markets Cancidas (caspofungin), the first echinocandin antifungal, and remains a major hospital antifungal player. It is a broad incumbent competitor and potential acquirer of innovative antifungal programs.
• Gilead Sciences: Gilead markets AmBisome (liposomal amphotericin B), the leading polyene macrolide antifungal and BSG005's direct mechanistic predecessor. Any commercialization of BSG005 would directly compete with AmBisome in the polyene macrolide segment.
• Astellas Pharma: Astellas markets Mycamine (micafungin), a leading echinocandin antifungal for invasive candidiasis. It is a major incumbent in the hospital antifungal market and a likely strategic interest in novel polyene or fungicidal alternatives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/biosergen-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds4 records

Investors2 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Biosergen