PORTLAND, Maine, December 8, 2009 AIKO Biotechnology, Inc., an early stage drug discovery company focused on pain management and opioid addiction, has closed on a series A financing. In addition to management, investors include the Small Enterprise Growth Fund, Action Equity, LLC, and Supply Chain Ventures.
The capital primarily will be used to complete a second human clinical trial using the FDA’s exploratory IND mechanism and continue research on AIKOs promising portfolio of compounds.
“AIKO’s first clinical trial confirmed the prediction that AIKO-150 will reverse opioid-induced constipation at dosages that do not precipitate withdrawal in a highly sensitive population” according to Wolfgang Sadee, Chief Scientific Officer. “The current trial is a pain trial with healthy volunteers that should provide confirmation of AIKO -150s potential for abuse resistance.”
AIKO’s research had been funded to date by a combination of angel investors, Maine Technology Institute and research grants.
About AIKO Biotechnology, Inc.
AIKO Biotechnology, Inc. (“AIKO”) is a biotechnology company located in Portland, ME focused on the discovery and validation of novel compounds for the treatment of pain and the side effects associated with prescription pain reliever (opioid) use, such as GI dysfunction, addiction and abuse.
