AsclepiX Therapeutics, Inc., a Baltimore, MD-based biopharmaceutical company focused on developing vital new therapies based on a novel peptide platform, raised $5m in convertible note funding.
The round was led by Barer & Son Capital with participation from Rapha Capital Management, Salem Partners, TEDCO, and Piedmont Capital Partners. In conjunction with the funding, AsclepiX expanded its board to add Josh Barer, Kevin Slawin, MD, and Sapna Srivastava, PhD, to the founding members Aleksander Popel, PhD and Jordan J. Green, PhD and CEO Wendy Perrow, MBA.
The company intends to use the funds to accelerate development of AXT107, its innovative treatment for two leading causes of adult blindness:
– diabetic macular edema (DME) and
– wet age-related macular degeneration (wet AMD).
Led by CEO Perrow, AsclepiX Therapeutics is advancing a treatment of ocular diseases and cancer focusing on a novel peptide platform which inhibits and potentially reverse disease progression. The mechanism of action of AXT107 targets multiple pathways, including vascular endothelial growth factor A (VEGF-A) and Tie2, two factors that promote formation of blood vessels and leakage of fluid in the diseased retina.
The company is initially focused on ocular diseases currently treated with anti-VEGF monotherapies.