D&D Pharmatech Raises $51M in Series C Financing to Advance Phase 2 Clinical Trials for Neurodegenerative, Fibrotic, and Metabolic Diseases
GAITHERSBURG, Md.–(BUSINESS WIRE)–D&D Pharmatech Inc., a clinical-stage biotechnology company focused on development and commercialization of revolutionary medicines, and parent company of U.S.-based Neuraly Inc., Precision Molecular, Inc., Theraly Fibrosis Inc., P4Microbiome and Valted Seq, today announced that it has completed a $51 million Series C round of financing led by Praxis Capital Partners, a private equity firm that focuses on growth acquisitions and investments in Asia; other investors included DS Asset Management, Kudos Ventures and Korea Investment & Securities. The new round of financing builds upon the $137.1 million the company secured in Series B financing in August 2019. The company is planning an initial public offering in Korea in 2022.
“We are grateful for the ongoing support and confidence of our investors and excited to have had Praxis Capital lead this Series C financing,” said Yoo-Seok Hong, Chief Executive Officer of D&D Pharmatech. “We look forward to the ongoing advancement of our clinical candidates in a diverse range of diseases with significant unmet need and the expansion of our pipeline with potentially game-changing therapeutics.”
Proceeds will be used to advance DD01 into a Phase 2 clinical trial for obese patients with both diabetes and nonalcoholic fatty liver disease (NAFLD), continue support of Phase 2 studies of NLY01 in Parkinson’s and Alzheimer’s disease, and the evaluation of TLY012 in patients with fibrotic disorders
“We have been very impressed with the founders and team leaders of D&D and their subsidiaries, as well as their world-class drug development capabilities and ongoing clinical trials” said Minsang La, CEO of Praxis Capital.
Read the full article at: www.businesswire.com
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