Ann Arbor-based biopharmaceutical company Asalyxa Bio Inc. has closed on a $2 million seed funding round aimed at helping propel the company toward its goal of developing drugs to treat Acute Respiratory Distress Syndrome, or ARDS.
The disease affects about 500,000 Americans each year and has been a contributing factor to death in COVID-19 patients, as well as patients with influenza, pneumonia and other conditions, according to the company, which was founded in 2020. Other drugs the company is also looking to study could be used to treat myriad other diseases as well.
The company is a spinout of University of Michigan and its chief scientific officer is Lola Eniola-Adefeso, a university researcher who has studied the diseases.
Because the active ingredient in the company's drug compounds is based off what's found in over-the-counter aspirin, Asalyxa President and CEO Marc Appel told Crain's that the company anticipates a speedier and less-costly journey through clinical trials than many pharma companies, simply because the risk profiles of the drug candidates are already fairly well understood.
"So what makes this company so exciting is that we're going to be able to get human results and get really important data, and actually potentially get to market a lot faster than a lot of other drugs," Appel said.
The initial funding round for the company was led by Research Bridge Partners, a philanthropic venture capital fund based in Austin, Texas, of which Reid Hoffman of LinkedIn fame is a co-founder. The $2 million seed round also included funding from ID Ventures in Detroit, a variety of local angel investing groups and others.
James Graham, managing director for investments for Research Bridge, will join Asalyxa's board of directors as part of the deal.
Given that the company expects it could begin phase two trials by next year, the opportunity to be an early-stage investor in a drug that's designed to treat a large number of people suffering from ARDS was compelling to Research Bridge, according to Graham. "It hit all of the boxes in our investment thesis and our investment criteria," he said.
Appel with Asalyxa said that as clinical data begins rolling in from the initial trials being conducted as a result of the seed round, the company will begin exploring a follow-on fundraising round that could be in the range of $5 million or more.
Appel also said the company will in the coming months begin exploring a range of options to continue its work, including whether to go public or remain private and tap into much larger fundraising rounds.
"company" - Google News
February 23, 2021 at 07:24PM
https://ift.tt/2NvTtjr
Ann Arbor drug company Asalyxa hauls in $2 million seed funding round - Crain's Detroit Business
"company" - Google News
https://ift.tt/33ZInFA
https://ift.tt/3fk35XJ
Bagikan Berita Ini
0 Response to "Ann Arbor drug company Asalyxa hauls in $2 million seed funding round - Crain's Detroit Business"
Post a Comment