VENTUREWIRE
Friday, April 13, 2007
Plurogen Therapeutics Raises $1.7M Seed, Raising $7M Series A
Charlottesville, Va. -- Plurogen Therapeutics Inc., a developer of a
topical drug delivery platform, has raised $1.7 million in seed funding
with plans to raise a $7 million Series A round this summer, company
President and Chief Executive Neal G. Koller told VentureWire.
The $1.7 million seed funding, which closed at the end of January,
included Cato BioVentures, the venture capital affiliate of Cato Research Ltd.,
angel investor groups Jefferson Corner Group I LLC and the Virginia Active
Angel Network, as well as individual investors.
Plurogen plans to include its seed round investors in the Series A
fund-raising, about which the company has just begun discussions with
venture capital and private equity-type investors, according to Koller.
The Series A is targeted to close around July, he said.
Based in Charlottesville, Va., Plurogen is currently using its topical
drug delivery platform for the development of antimicrobial treatments for severe
burns. The first gel product, made from silver sulfadiazine, aims to treat burns
without the crusting and removal difficulty of other topical treatments. Its second
product, a triple antibiotic, allows for a burn to be treated with three different
drugs at one time.
With the Series A funding, Plurogen plans to get its first silver
sulfadiazine burn product through Phase III clinical trials and the
submission of a New Drug Application to the Food and Drug Administration.The
company also plans to use that funding to get its second triple antibiotic burn
product to Phase III trials, as well as for research anddevelopment.
With its seed funds, Plurogen is concentrating on scaling up its
manufacturing and pursuing FDA regulatory approval and new intellectual
property patents. Plurogen, which was incorporated in December 2005,
licensed its technology from the University of Virginia.
http://www.plurogen.com
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