DesignMedix Closes $1.5m Angel Funding

DesignMedix for Documents 3DesignMedix, Inc., a Portland, Oregon-based biotech startup, has closed a $1.5m second round of angel funding.

Investors include Portland Seed Fund, as well as members of Bellingham Angels, Oregon Angel Fund, Seraph Angel Network, Willamette Angel Conference, Keiretsu Angel Forum and Tacoma Angel Network.

The company intends to use the funds for further development of a pipeline of drugs that combat drug resistance, including malaria drugs and new anti-bacterial drugs.

Founded in 2008 and led by Dr. Sandra Shotwell, president and COO, DesignMedix develops drugs to overcome drug resistance. Its initial focus is on oral drugs to treat malaria, which kills over 600,000 people per year and affects up to 500 million people.
The company has exclusive rights to four issued patents relating to drug candidates for malaria drugs. The company’s lab and office are housed in the PSU Business Accelerator.
DesignMedix was recently awarded a $3m grant from the National Institutes of Health to support preclinical development of its malaria drug.

FinSMEs

18/07/2014

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