Veralox Therapeutics Closes $16.6M Series A Financing
Summary
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. Second generation therapeutic products are under development for type 1 diabetes and other immune-mediated and inflammatory diseases. The FDA also approved Veralox’ Investigational New Drug (IND) application for initiation of a Phase 1 clinical trial of VLX-1005 in HIT.