Traverse Biosciences Secures $500k Seed Financing
June 7, 2016
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:
- Stony Brook Drug Startup Snags $500,00 in Financing (newsday.com)
- Traverse Biosciences Lands Key Seed Investment (innovateli.com)
- Traverse Biosciences Secures $500,000 Convertible Debt Financing Led by Excell Partners (traversebiosciences.com)