FARMINGTON, Conn.--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
AZITRA SECURES $2.15 MILLION CONVERTIBLE DEBT FINANCING LED JOINTLY BY BIOS PARTNERS AND CONNECTICUT INNOVATIONS
Azitra Inc. today announced that it has secured $2.15 million in convertible debt financing to support advancement of the company’s pipeline of dermatology and skin care products. The financing was led by new investor Connecticut Innovations, and existing investor Bios Partners. An additional new investor, KdT Ventures, joined the syndicate. This financing brings the total raised to date to $5.4 million.
“This is an exciting time for Azitra. We are preparing for first in human testing this year, demonstrating the broad utility of our platform technology for skin disease and laying the groundwork for CMC, formulation development and commercialization. We are very grateful for the continued support of Bios, and we welcome Connecticut Innovations and KdT to this syndicate,” said Richard Andrews, President and Chief Executive Officer. “This capital will provide funding for AZT-04 in human studies addressing consumer health needs, IND-enabling studies for our lead pharmaceutical candidate, AZT-01 to treat eczema and ichthyosis vulgaris, and will support our Netherton’s program (a significant orphan skin disease) as it moves to proof-of-concept.”
Azitra is focused on treating skin disease by combining the potential of the microbiome with state of the art molecular genetics. The company’s product pipeline includes pharmaceutical products to treat eczema (atopic dermatitis), ichthyosis vulgaris and Netherton Syndrome. Azitra is also developing a consumer health product designed to restore the balance of the microbiome to treat rough, dry, or sensitive skin.
“The concept of using the microbiome to address a variety of health issues shows tremendous promise,” said Dan Wagner, managing director of investments at Connecticut Innovations. “We are very impressed with the progress Azitra has made in bringing together the power of the microbiome with genetic engineering to form a technology platform that holds great potential to treat skin diseases and conditions.”
“Azitra’s microbiome-based platform offers a promising array of options for skin diseases and conditions,” said Mostafa Analoui, PhD, Executive Director, Venture Development & Technology Incubation Program, UConn. “The company is led by an outstanding scientific and business team, and it is wonderful to have them within our UConn-Technology Innovation Program (TIP) ecosystem.”
Azitra, Inc. is a preclinical stage biotechnology company combining the power of the microbiome with cutting-edge genetic engineering to treat skin disease. The Company was founded in 2014 by scientists from Yale University and works with world-leading scientists in dermatology, microbiology, and genetic engineering to advance its consumer health and pharmaceutical programs to treat atopic dermatitis, dry skin and targeted orphan indications. For more information visit www.azitrainc.com.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for growing, innovative companies. CI provides venture capital and strategic support for early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com.
About Bios Partners
Bios Partners is a venture capital firm focused on investing in early-stage biopharmaceutical and medical device companies. Founded in 2014 and based in Fort Worth, TX, the firm utilizes an experienced team of industry professionals to actively collaborate with its investment portfolio companies and enhance stakeholder value. For more information, please visit www.biospartners.com.
About KdT Ventures
KdT Ventures is an early stage Venture Capital firm focused on the enablement that data and frontier computational technologies have brought to the physical and life sciences. To this end, KdT invests in transformative technologies and platforms across the verticals of Medicine, Chemicals, and Agriculture, utilizing an extensive network of fellow entrepreneurs, advisors, and funders to support its portfolio companies. For more information, please visit www.kdtvc.com.