ATHENS, Ga.--(BUSINESS WIRE)--ArunA Bio, Inc., a leader in the development of neural exosomes for the treatment of neurodegenerative diseases, today announced the completion of a $13 million common stock financing. Proceeds from the financing will be used to support the continued development of ArunA Bio’s neural exosome delivery platform and pipeline of novel neural exosome therapies for the treatment of neurodegenerative diseases such as ALS and Huntington’s Disease, as well as stroke.
The financing included both existing and new private investors along with participation by several institutional investors including Eshelman Ventures and members of the Board of Directors and management.
“The level of interest and enthusiasm we encountered from investors during this financing effort and the fact that it was oversubscribed speak to the interest and excitement around the data we have generated and prospects for the use of our neural exosomes as therapeutics and a delivery vehicle for treating devastating neurodegenerative diseases,” said Dr. Mark A. Sirgo, Chief Executive Officer of ArunA Bio. “We appreciate the support of both existing and new investors and look forward to building shareholder value as we progress our neural exosome science towards meaningful products for patients.”
ArunA Bio plans to use the proceeds to further validate the ability of its proprietary neural exosomes to provide therapeutic benefits through their anti-inflammatory, neuroprotective and neuroregenerative properties, as well as deliver therapeutic payloads including siRNAs and antibodies across the blood brain barrier. Data from planned studies will support the submission of ArunA Bio’s first pre-IND (Investigational New Drug) package to the U.S. Food and Drug Administration in the upcoming months. Additionally, funding will support key personnel hiring and further expansion of ArunA’s proprietary manufacturing capabilities to meet future regulatory requirements. The company is also looking to partner with pharmaceutical and biotech companies with a presence in the neurodegenerative disease space to develop the neural exosome platform.
ArunA Bio also announced that it has established an office in Research Triangle Park (“RTP”), North Carolina. RTP is one of the nation’s largest and fastest growing markets in life sciences with over 550 companies employing over 40,000 people according to the North Carolina Biotechnology Center. The RTP area has also been very attractive from an investment standpoint, with the amount of new venture capital to life sciences of nearly $16 billion over a recent one-year period. ArunA Bio expects to increase its management presence in RTP and will continue its ongoing research and manufacturing activities in Athens, Georgia.
About ArunA Bio
ArunA Bio is harnessing the natural abilities of neural exosomes to cross the blood brain barrier and enhance the body’s anti-inflammatory, self-repair and protective mechanisms to treat a range of neurodegenerative disorders. ArunA Bio is also leveraging its proprietary exosomes and manufacturing platform to create synergistic therapies by enhancing exosomes with RNA, oligonucleotides, antibodies and small molecules. www.arunabio.com
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements express views of ArunA Bio regarding future plans and expectations. They include statements that include words such as “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “plan,” “intend” and similar words or expressions.
Forward-looking statements in this press release include, but are not limited to, statements regarding future operations, business strategy and past, present, or future values of the anticipated reserves, cash flows, income, costs, expenses, liabilities and profits, if any, of ArunA Bio. These statements are based on numerous assumptions and are subject to known and unknown risk and uncertainties. These assumptions may not materialize. Actual future results may vary materially from those expressed or implied in these forward-looking statements, and our business, financial condition and results of operations could be materially and adversely affected by numerous factors, including such known and unknown risks and uncertainties. As a result, forward-looking statements should be understood to be only predictions and statements of our current beliefs, they are not guarantees of performance.