Eradivir, a preclinical biotech company that develops antiviral therapeutics, has completed a $10.25 million Series A funding round. The funding will be used to conduct a Phase 2a challenge study of its EV25 influenza treatment.
CEO Martin Low said EV25 consistently outperforms the current standard of care for influenza in preclinical models.
“Within 24 hours of taking EV25, the amount of live virus present in preclinical models was reduced to nondetectable amounts,” he said. “The Phase 2a and Phase 2b trials will collectively demonstrate EV25’s safety and efficacy in humans, starting with proof of concept and culminating in a real-world setting.”
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EV25 was built on a platform created by Philip Low, the Presidential Scholar for Drug Discovery and the Ralph C. Corley Distinguished Professor of Chemistry in Purdue University’s College of Science. Low is part of Purdue’s One Health initiative, which advances the university strengths in human, animal, plant and environmental health. He also is on the faculty of the Purdue Institute for Drug Discovery and the Purdue Institute for Cancer Research. Philip Low is Eradivir’s chief scientific officer and on its board of directors.
Philip Low disclosed the immunological innovations to the Purdue Innovates Office of Technology Commercialization, which has applied for patents to protect the intellectual property. OTC licensed the innovations to Eradivir for further development and commercialization.
Securing the funding
Martin Low said raising the Series A round was unique because of the type of investor. Funding was raised with investments from Philip Low, board members and other members of the company. Additional investors were small institutions, friends and family.
“Our investors’ agenda aligns well with Phil’s and Purdue’s objectives,” he said. “Some of the proceeds from EV25, and perhaps other assets, will be reinvested in additional molecules discovered and developed at Eradivir and, by extension, Purdue.”
Eradivir received $10.8 million in previous funding rounds along with $1 million from the National Science Foundation and the Center for Biomedical Advanced Research and Development Authority’s (BARDA) Division of Research, Innovation and Ventures.
“We are looking to raise another $10 million to reach our targeted inflection point of completing three trials: the Phase 1 SAD (single and multiple ascending dose) study, Phase 2a challenge study and Phase 2b patient study,” Martin Low said. “Our goal is to secure these remaining required funds through nondilutive sources, including BARDA, the Department of Defense and National Institutes of Health.”
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