Osteal Therapeutics, a Dallas, TX-based clinical-stage biopharmaceutical company, raised $23M in Series C funding.
The round was led by Asteroid Partners, with participation from Gideon Strategic Partners and returning investors Johnson and Johnson Development Corporation (JJDC), HM Capital, Prism Ventures and Medvest Capital. Martin Sands and Steven Sands of Asteroid Partners will join the board as board member and observer respectively. Both will provide valuable insights as Osteal continues to pursue multiple growth paths.
The company intends to use the funds to submit its New Drug Application (NDA) submission to FDA and accelerate preparation for commercial launch of VT-X7, its lead therapy for the treatment of periprosthetic joint infection (PJI).
Led by CEO and President David Thompson, Osteal Therapeutics is a clinical-stage biopharmaceutical company developing musculoskeletal therapeutics to treat orthopedic infections and their consequences. It is leveraging the ability of concentrated, locally delivered antimicrobials to treat the bacterial biofilms typically responsible for musculoskeletal infections while minimizing off-target tissue exposure and associated adverse effects. Osteal employs a low-risk development strategy by using approved drugs with long histories of safety and efficacy as candidates for new routes of local delivery. Its lead candidate, VT-X7, is in Phase 2 development to treat periprosthetic joint infections, a serious complication of joint replacement surgery.
FinSMEs
25/09/2023