Airway Therapeutics, a biotechnology company focused on developing new interventions for acute and chronic lung diseases, beginning with premature infants, has secured $6.3 million in bridge financing from new and existing investors. Cincinnati Children’s Hospital Medical Center, CincyTech and Queen City Angels are among the previous investors participating in this round.
The financing comes as Airway Therapeutics reports significant progress with the development of its lead product AT-100, a recombinant form of human surfactant protein D (rhSP-D). AT-100 is a first-in-class product with blockbuster market potential and is believed to have a critical impact by preventing Bronchopulmonary Dysplasia (BPD). BPD is an arrest in lung development that results from ventilator-induced inflammatory damage to the pre-term lung. Approximately 160,000 pre-term babies in the US and Europe are at risk each year and it has a 49% mortality rate.
“The proceeds from this finance round will allow Airway Therapeutics to continue its successful path to the manufacturing of AT-100 for use in humans,” says CEO, Marc Salzberg, MD. “This is an exciting time for the Company as we continue to execute on plan towards our goals of IND-acceptance and clinical proof of concept in BPD as well as use in other lung conditions.”
To guide Airway Therapeutics through the manufacturing process of this protein, the Company has engaged Paul V. Remsen as Vice President of Manufacturing. Paul brings 20 years of technical expertise from his senior level roles at Genzyme, MedImmune, Amgen, and Regeneron Pharmaceuticals.
In addition to the Company’s strong patent protection, it has received orphan designation status for AT -100 in BPD in the US and European Union, which provides, among other incentives, a 7 and 12 year market exclusivity.
Filed Under: Drug Discovery