Jupiter Orphan Therapeutics, Inc., a Jupiter, Fla.-based a clinical stage specialty pharmaceutical company, secured a $2.5m financing.
Tarnagulla Ventures provided $2m in the form of a convertible note with the first $1m paid out immediately and the remaining $1m to be paid when certain milestones are met.
In addition, JOT received $500k in an equity financing through a charity based financing group.
In conjunction with the financing, Tarnagulla’s Ms. Natalie McNamee will join the Board of Directors at JOT.
Founded in the summer of 2015 and led by Chairman & CEO Christer Rosén, Jupiter Orphan Therapeutics develops therapies for rare diseases linked to single gene deficiencies.
The company has already defined five pipeline products which of one is already in Phase II.