Phoundry Pharmaceuticals, Inc., a Research Triangle Park (RTP), North Carolina-based company focusing on the discovery of peptide therapeutics, completed its first seed financing.
The amount of the deal was not disclosed.
The round was led by A. M. Pappas & Associates (AMP&A), the parent company of Pappas Ventures.
The company, which has established operations, including its laboratory-based activity, at the Hamner Institutes for Health Sciences in RTP, intends to use the funds to advance its discovery and partnering plans.
Co-founded by Paul Feldman (CEO), Andrew Young (CSO), Ved Srivastava, Mark Paulik, James Way and Shane Roller, Phoundry was recently incorporated following the retrenchment of some of GlaxoSmithKline’s RTP-based R&D programs and infrastructure. Most of its personnel originate from GSK’s Enteroendocrine Discovery Performance Unit, including the leadership and specialized peptide chemistry, biology, and drug metabolism and pharmacokinetic expertise.
The scientific founders’ track record includes eight drug products, including exenatide, pramlintide and three other peptide therapeutics, as well as over two dozen phase 2 clinical-stage assets.