Veralox Therapeutics, a Frederick, Md.-based biotechnology company developing first-in-class small molecule therapeutics that treat the underlying pathologies of diseases with significant unmet medical needs, closed a $16.6m Series A financing.
The round was led by Hatteras Venture Partners with participation from Genesys Capital, Point Field Partners and Alexandria Venture Investments as well as support from previous investors Sanofi Ventures, JDRF T1D Fund, Maryland Momentum Fund, VTC Innovation Fund and TEDCO. In conjunction with the funding, Ben Scruggs, PhD, principal at Hatteras Venture Partners, and Jamie Stiff, MBA, managing director at Genesys Capital, will join the Veralox Therapeutics board of directors.
The company intends to use the funds to advance the development program for its lead product candidate VLX-1005 for the treatment of heparin-induced thrombocytopenia (HIT).
Led by Jeffrey W. Strovel, PhD, chief executive officer, Veralox Therapeutics is developing first-in-class therapeutics that target the underlying pathologies of diseases with unmet medical needs based on advanced understanding of the role of 12-lipoxygenase (12-LOX) in the onset and development of many serious diseases and conditions. The company’s lead candidate, VLX-1005, is in development for the treatment of patients with heparin-induced thrombocytopenia (HIT). Second generation therapeutic products are under development for type 1 diabetes and other immune-mediated and inflammatory diseases.
In January 2021, Veralox announced that the U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) for VLX-1005, a first-in-class small molecule inhibitor of 12-lipoxygenase, for the treatment of HIT. The FDA also approved Veralox’ Investigational New Drug (IND) application for initiation of a Phase 1 clinical trial of VLX-1005 in HIT.
FinSMEs
16/06/2021