Fund in Europe leads investment to progress commercialization of breakthrough gelsolin therapy to treat inflammatory and infectious diseases.
NORTH BRUNSWICK, N.J., March 22, 2022 (GLOBE NEWSWIRE) -- BioAegis Therapeutics, Inc., a clinical-stage, private company developing therapies for inflammatory, infectious, and degenerative diseases based on a portfolio built around gelsolin technology, announces the completion of a $22 million sale of equity in a non-brokered transaction.
Gelsolin is a highly conserved abundant human protein in healthy individuals. As a master regulator of immune function, its role is to keep inflammation localized to the site of injury and to boost the body's ability to clear pathogens. Normal levels are rapidly depleted by diverse inflammatory conditions. Supplementing gelsolin levels with the human recombinant form rebalances this defense system to restore the ability of immune cells to fight infection and to counter systemic inflammation that can damage otherwise healthy organs.
Funding will Expand Pipeline and Meet Manufacturing Demands
This latest round of funding will accelerate the expansion of BioAegis' pipeline with new indications as the Company pursues its US Phase 2 program in severe pneumonia. The funds will also be used to further scale up manufacturing to support the development of secondary indications.
Susan Levinson, PhD, Chief Executive Officer of BioAegis commented, "This transaction reinforces the continued confidence of investors in our technology. The unique host-directed immunomodulatory mechanism of gelsolin action promises to address important gaps in care in both critical illness and chronic inflammatory conditions."
About BioAegis
BioAegis Therapeutics Inc. is a NJ-based clinical-stage, private company whose mission is to capitalize on a key component of the body's innate immune system, gelsolin, to prevent adverse outcomes in diseases driven by inflammation and infection. BioAegis is engaged in multiple clinical collaborations to apply this novel immunomodulatory approach to serious medical conditions. Included in these is its collaboration with the BARDA Solving Sepsis program that seeks to address the challenging scourge of sepsis.
BioAegis has the exclusive license to broad, worldwide intellectual property through Harvard-Brigham and Women's Hospital. It holds over 40 patents issued for coverage of infection, inflammatory disease, renal failure, multiple sclerosis, and other neurologic diseases. BioAegis will also have US biologics exclusivity and has recently filed new IP in areas of unmet need.
Investor Inquiries:
Steven Cordovano
203-952-6373
scordovano@bioaegistx.com
Media Inquiries:
Christine Lagana
clagana@bioaegistx.com
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.
