BioAegis Therapeutics Completes Initial $8 Million Convertible Note Round; Round Oversubscribed
BOSTON, MA and MORRISTOWN, NJ--(Marketwired - April 15, 2015) -
Separately, the Company announced that it has entered into a collaborative research agreement with the National Institute of Allergy and Infectious Disease to explore the protein's role in ameliorating the devastating effects of inflammation.
The Company has received regulatory advice from European authorities which supports its plans to initiate biomarker-driven Phase 2 trials in severe Community Acquired Pneumonia (CAP). The objective will be to demonstrate that the repletion of pGSN can prevent the uncontrolled spread of inflammation without compromising immune function in critically ill patients.
Severe Community Acquired Pneumonia is a leading cause of death in the US and around the world. Patients typically proceed to Multiple Organ Dysfunction Syndrome (MODS), morbidity and mortality which generates enormous cost to the health care system. As a result of organ damage, survivors often require ongoing care after being discharged from the ICU due to lingering neurocognitive and functional disabilities. This puts an enormous incremental strain on the health care system.
As the fourth most abundant plasma protein and one of the main scavengers of toxic actin, pGSN is also known to bind with high affinity to multiple inflammatory mediators. It works as a systemic backstop to keep inflammation local. Furthermore, recent breakthrough findings in studies conducted at the Harvard School of Public Health have shown that unlike previously known modulators of inflammation, pGSN is part of the body's innate immune system and works to boost the body's response to pathogens.
Susan Levinson, PhD, Chief Executive Officer of BioAegis, stated, "We are extremely proud of the accomplishments we have achieved over the last 3 years. Having demonstrated positive results in 15 animal models of efficacy, we are excited to return to the clinic to prove efficacy in humans and save lives.
"Harnessing the body's immune system is a safe, powerful approach that can lead to effective therapies for serious diseases. Plasma gelsolin is a key component of the body's immune system that can safely and effectively work to contain the spread of inflammation."
Dr. Thomas Stossel, BioAegis's founding scientist and discoverer of gelsolin, commented, "Having discovered gelsolin and spent decades researching its role in blood, I'm extremely pleased with BioAegis Therapeutics' progress in moving toward demonstrating in humans the same life-saving effects it has had in animal studies."
Dr. Stossel is Senior Physician at Brigham and Women's Hospital, American Cancer Society Professor of Medicine at Harvard Medical School and Visiting Fellow at the American Enterprise Institute.
BioAegis Therapeutics was founded by a group of highly experienced pharmaceutical, diagnostic and financial executives. Its mission is to harness the body's innate immune system to address serious outcomes in diseases driven by inflammation.
This press release contains express or implied forward-looking statements, which are based on current expectations of management. These statements relate to, among other things, our expectations regarding management's plans, objectives, and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. BioAegis assumes no obligation to update any forward-looking statements appearing in this press release in the event of changing circumstances or otherwise, and such statements are current only as of the date they are made.
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