CoDa Therapeutics, Inc., a San Diego, CA-based clinical-stage biopharmaceutical company developing a new drug therapy for wounds that do not heal properly, including venous leg and diabetic foot ulcers, has raised $19.2m in a Series B financing.
Investors include existing shareholders Domain Associates, GBS Venture Partners and BioPacificVentures.
The company, which expects to raise additional funds in a second closing, intends to use the capital to conduct a large Phase 2 multicenter venous leg ulcer trial with Nexagon®, its lead product for chronic wound patients, in the United States, New Zealand and Australia.
In addition, CoDa will continue the preclinical development of its product portfolio.
Led by CEO Bradford Duft, the company is now working under an FDA-approved IND to generate clinical data in support of eventual regulatory approval for marketing.