BioAegis Therapeutics Completes Over-Subscribed Financing for COVID-19 Trial
MORRISTOWN, N.J., June 23, 2020 (GLOBE NEWSWIRE) -- BioAegis Therapeutics Inc., a clinical-stage private company focused on developing therapies for infectious, inflammatory and degenerative diseases through a portfolio built around gelsolin technology, announces that its $5 million non-brokered bridge financing to accelerate its COVID-19 clinical trial was over-subscribed.
Funding to Expedite Clinical Trial of COVID-19 Treatment
BioAegis expects to initiate a proof-of-concept study in the EU this month and is preparing for additional studies in the US. The company plans to raise a $30 million institutional equity financing round to bring the product through approval and expand manufacturing capacity.
BioAegis is in a Unique Position to Address COVID-19
BioAegis’ mission is to capitalize on a key component of the body’s innate immune system to prevent adverse outcomes of diseases driven by inflammation and infection. BioAegis’ platform of opportunities exploits the multifunctional role of gelsolin, a pathogen agnostic, highly conserved, endogenous human protein that controls excess inflammation without suppressing the immune response to threats. Its lead product is recombinant human plasma gelsolin (rhu-pGSN).
Gelsolin is a human protein that is abundant in healthy individuals. It is a ‘master regulator of inflammation’. In the case of severe injury or infection, the body’s supply of gelsolin becomes depleted, which can lead to an overexuberant inflammatory response, organ damage and death, as seen in COVID-19. With the ability to replete gelsolin depleted by disease, BioAegis is in a unique position to deliver therapeutics that have the potential to disrupt the course of the cytokine storm created by COVID-19.
Susan Levinson, PhD, CEO of BioAegis commented, “We are pleased to be able to quickly bring gelsolin to patients suffering from COVID-19. Our investors have stepped up with enthusiasm to this offering and we hope to dose the first patient soon.”
Measurement of plasma gelsolin levels was recently incorporated in the NIH’s COVID-19 Strategic Plan. The National Institute of Health (NIH) Clinical Center is measuring patient gelsolin levels as part of the NIAID Strategic Plan for COVID-19 Research in an effort to better understand the immune response during COVID-19 infection and convalescence. The National Institute of Allergy and Infectious Diseases (NIAID) research project, Measurement of gelsolin levels: Does plasma gelsolin correlate to clinical outcomes of COVID-19? is being led by Dr. John Gallin, Chief of Clinical Pathophysiology Section of the Laboratory of Clinical Immunology and Microbiology (LCIM).
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.