DepYmed Announces $2 Million Series A

DepYMed Inc. has announced the completion of a Series ‘A’ Round of funding with TopSpin Fund, L.P. for a total of $2 million. At closing, $1 million was received by Depymed, and another $1 million will be provided pending the achievement of specific development milestones.

DepYmed, Inc., headed by a Center for Biotechnology BioEntrepreneur-in-Residence Andreas G. Grill, is a pharmaceutical company focused on phosphatase inhibition for multiple therapeutic applications. The company is currently conducting a phase 1 clinical trial of its lead compound, MSI-1436C (Trodusquemine), as a therapeutic candidate for HER2-positive breast cancer. DepYMed was founded through a joint venture between Ohr Pharmaceutical, Inc. and Cold Spring Harbor Laboratory. Read more about the financing here.

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Traverse Biosciences Receives $1.3M NIH/NIDCR Phase II STTR Award

Traverse Biosciences, led by the CFB’s first BioEntrepreneur-in-Residence Joseph Scaduto, has received a $1.3M Phase II Small Business Technology Transfer (STTR) Award in partnership with the School of Dental Medicine at Stony Brook University. Funding from the National Institute of Dental and Craniofacial Research (NIDCR) of the National Institutes of Health (NIH) to Evaluate the Pre-Clinical Safety and Effectiveness of TRB-N0224 for the Treatment of Periodontal Disease. The research will be led by Lorne Golub, DMD, MD (Honorary) in the Department of Oral Biology and Pathology, and Ying Gu, PhD, DDS, in the Department of General Dentistry, who will serve as co-principle investigators on the award, in close collaboration with Traverse Biosciences. Read more here. 

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Traverse Biosciences to collaborate with SUNY Upstate Medical University

Traverse Biosciences has announced a collaboration with SUNY Updated Medical University on a $164,689 Peer Reviewed Medical Research Program (PRMRP) Discovery Award from the U.S. Department of Defense. The research will be led by Gary Nieman, Associate Professor and Senior Research Scientist in the Department of Surgery and will evaluate the effectiveness of the company’s lead drug candidate, TRB-N0224, to treat acute lung injury, including acute respiratory distress syndrome (ARDS). Read more here.

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Traverse Biosciences Secures $500k Seed Financing

Traverse Biosciences has announced that it has secured $500,000 in convertible debt financing to support operations and advance product development efforts. The seed financing was led by Excell Partners, with matching funds from a number of individual accredited angel investors. The Research Foundation for the State of New York (RF/SUNY) also participated in the financing, as part of an exclusive license and option agreement executed last year that gave Traverse Biosciences access to the relevant intellectual property for use in animal and human health.

Traverse Biosciences, which began when CEO Joseph Scaduto was serving as a BioEntrepreneur-in-Residence for the Center for Biotechnology, is working to commercialize its proprietary library of Stony Brook University invented chemically-modified curcumins for the treatment of chronic inflammatory conditions and cancers affecting humans and animals.

Read more about Traverse and the recent financing:

 

 

“Even Research Needs a Rolodex”

Center for Biotechnology Director and Stony Brook Biomedical Engineering Chair Dr. Clinton Rubin recently spoke with Innovate Long Island about commercialization and entrepreneurship. A serial inventor, Dr. Rubin has been involved in three startup companies based on his technology which have all taught him different lessons about commercialization. As he notes in the article, “There’s a chasm between launching a technology and creating a company”. Read the full article here.