CoDa Therapeutics, Inc., a San Diego, CA-based clinical stage biotechnology company focused on developing novel targeted therapies for inflammation, wound-healing and tissue repair, has raised an additional $20m in a second close of its Series B financing.
Backers include RusnanoMedInvest, a subsidiary of RUSNANO, and existing investors Domain Associates, GBS Ventures and BioPacificVentures.
This latest transaction brings the total Series B round to nearly $40m following the first close late last year (read here).
Led by Bradford J. Duft, President and CEO, CoDa Therapeutics is pioneering gap junction modulation, using a new class of therapeutics that can modulate wound responses and reduce inflammation. The company has two open INDs and has completed multiple Phase 1 and Phase 2 trials in both skin and eye, including Investigator-Initiated studies, where its lead candidate, Nexagon®, was shown to be safe and tolerable following administration to over 380 wounds on more than 180 subjects. CoDa presently has issued patents in the US, Europe and elsewhere, and pending applications in more than a dozen other patent families directed to methods and compositions for the treatment of acute wounds, chronic wounds, scarring, abnormal scarring, inflammation and pain, fibrosis, surgical adhesions, and orthopedic procedures, as well as combination therapies and improved medical devices.
The company intends to use the funding to expand late stage clinical trials of Nexagon® for additional indications including diabetic foot ulcers.
The transaction also involves a licensing of intellectual property rights for Nexagon® in Russia, potentially accelerating its availability on the Russian market. CoDa will receive an upfront product payment and royalties based on sales.