Veralox Therapeutics, a Frederick, MD-based preclinical stage company focused on accelerating the development of therapeutics for unmet medical needs, raised $5.4m in seed funding round.
The round was led by the JDRF T1D Fund, Sanofi Ventures, and the VTC Innovation and VTC Seed Fund, with participation from the Maryland Momentum Fund, the University of Vermont Health Network and TEDCO. In conjunction with the funding, Katie Ellias, Managing Director at the JDRF T1D Fund, and Daniel Mansuri from Sanofi Ventures, will join the Veralox Board of Directors.
Founded in 2017 by Drs. Jeffrey Strovel, David Maloney, and Matthew Boxer, Veralox is currently developing therapeutics targeting 12-lipoxygenase (12-LOX).
The company intends to use the funds for the pre-clinical development of therapeutics to block the 12-LOX enzyme for several indications, including the rare hematological indication heparin-induced thrombocytopenia and thrombosis (HITT) and type 1 diabetes (T1D).
Veralox’s lead candidate, VLX-1005, was discovered and developed in collaboration with University of California Santa Cruz, Thomas Jefferson University, NIH, and Eastern Virginia Medical School.
FinSMEs
05/09/2019