Hallux Incorporated, a Laguna Hills, Calif.-based investigational-stage pharmaceutical company focused on developing a new dosage form and route of administration for treating onychomycosis, completed a $7.1m Series A financing.
The round was led by Deerfield Management.
The company intends to use the funds to advance proprietary terbinafine micro-insert dosage form into phase 2A clinical trials, with the goal of demonstrating safety, efficacy, and tolerability in patients with distal lateral subungual onychomycosis.
Led by Mark Taylor, Chief Executive Officer, Hallux is developing an investigational micro-insert for subungual delivery and treatment of distal lateral subungual onychomycosis. The dosage form is biodegradable and delivers high concentrations of terbinafine hydrochloride directly and selectively to the site of infection over a period of time.
Results from pilot studies suggest that the subungual treatment procedure is safe and well tolerated.
The company is now planning to further evaluate efficacy, safety, and tolerability in a series of single site clinical studies commencing in the first half of 2016.