Edison Pharmaceuticals, Inc. Closes Series A Preferred Stock Offering
SAN JOSE, Calif., Nov. 29 /PRNewswire/ -- Edison Pharmaceuticals, Inc. today announced the close of a $2.8M Series A Preferred Stock Offering. The $6.2M, raised through the Series A offering and $3.4M in recently awarded foundation grants, will be used to advance EPI-A0001 into clinical development for the treatment of inherited mitochondrial diseases.
Separately, Edison has entered into Technology Transfer and Screening Agreements with Galileo Pharmaceuticals. As part of the transaction, Galileo obtained an equity stake in Edison, and will hold a seat on the Edison board of directors, which will be occupied by Mr. Peter Morris. "Galileo is pleased that Edison has closed its first financing to advance its lead program to the clinic," commented David Milligan, chairman of the board of directors, Galileo Pharmaceuticals. "We look forward to supporting Edison as it is poised to make significant contributions in important therapeutic areas."
"Capital from this financing coupled with non-dilutive grants obtained through foundations will accelerate our path to the clinic," stated Guy Miller MD, PhD, CEO of Edison. "We are enthusiastic about the prospects of arresting the progression of orphan mitochondrial diseases for which there currently are no approved therapies."
Edison's technical focus is on diseases affecting the respiratory chain, an essential component of energy production located within the mitochondria. The company will initially pursue orphan indications. Insights gained from these programs will be leveraged to pursue other diseases that possess common mechanisms.
The Series A round was led by Mr. Paul Avery who will assume a board of directors position representing the Series A Preferred shareholders. "We are excited about the prospects for Edison and our ability to bring to market first-in-class drugs for conditions such as Friedreich's ataxia and other mitochondrial disorders," stated Mr. Avery.
In addition to Mr. Avery, Hamilton Moses, MD, will join the Edison board as an outside member. Dr. Moses is chairman of The Alerion Institute. He is a senior advisor to Boston Consulting Group, and former Chief Physician and Chief Operating Officer of the Johns Hopkins Hospital.
About Edison Pharmaceuticals
Edison Pharmaceuticals, Inc. is focused on the development of drugs to treat energy impairment diseases, also referred to as mitochondrial diseases. The company is advancing into clinical development EPI-A0001 for the treatment of inherited mitochondrial diseases predominately affecting children. Edison's technology platform consists of a specialized knowledge in redox medicinal chemistry which the company believes is essential to drugging key targets contained within mitochondria. Edison will leverage clinical and laboratory data obtained in rare, or orphan, diseases to pursue other conditions that share common mechanisms. The company has obtained substantial nondilutive peer-reviewed grant support to advance both its pre-clinical and clinical initiatives from foundations including the Muscular Dystrophy Association, Friedreich's Ataxia Research Alliance, and Seek A Miracle.
Source: Edison Pharmaceuticals, Inc.