Azelon Pharmaceuticals, formerly Zelos Therapeutics, a West Conshohocken, PA-based company focused on the development of novel formulations for the treatment of osteoporosis, has raised a $4.5m Series A financing.
The round was led by Prospect Venture Partners, with participation from Lighthouse Capital Partners and Covington Venture Fund.
The financing is intended to support a Phase IIa pharmacodynamic study of ZT-034, a nasal spray formulation of teriparatide for the treatment of osteoporosis.
Azelon has also announced the appointment of industry veteran Don Hayden as Executive Chairman and Joan Lau as president and CEO of Azelon.
Dr. Lau succeeds Brian MacDonald who will remain on as a senior clinical advisor to the company.