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September 5, 2019
Veralox Therapeutics Raises $5.4 Million in Seed Funding Co-Led by JDRF T1D Fund and Sanofi Ventures
FREDERICK, MD – September 5, 2019 – Veralox
Therapeutics (“Veralox”), a preclinical stage company focused on accelerating
the development of first-in-class therapeutics for unmet medical needs, today
announced it has raised a $5.4 million seed funding round. The funding was led
by the JDRF T1D Fund, Sanofi Ventures, and the VTC Innovation and VTC Seed
Fund, with participation from the Maryland Momentum Fund, the University of
Vermont Health Network and TEDCO.
Veralox is headquartered in Maryland and founded in 2017 by
Drs. Jeffrey Strovel, David Maloney, and Matthew Boxer, three industry veterans
with a track record of successful drug discovery and development. The company is
currently developing therapeutics targeting 12-lipoxygenase (12-LOX). The new
funding will be used to support the pre-clinical development of therapeutics to
block the 12-LOX enzyme for several indications, including the rare
hematological indication heparin-induced thrombocytopenia and thrombosis (HITT)
and type 1 diabetes (T1D). Veralox’s lead candidate, VLX-1005, was discovered
and developed in collaboration with University of California
Santa Cruz, Thomas Jefferson University, NIH, and Eastern Virginia Medical
School.
“We are excited to fuel our mission
to advance the development of therapeutics for immune-mediated disorders such
as HITT and T1D,” said Jeffrey Strovel, CEO of Veralox Therapeutics. “With the
support of the T1D Fund, Sanofi Ventures, and our other investors, we are well
positioned to broaden the potential indications for our technology while
ensuring sufficient capital to prepare for clinical studies in patients.”
“Beta cell therapies are a key strategic area of focus for
the T1D Fund and we believe Veralox’s innovative approach to inhibiting beta
cell stress has the potential to create a first-in-class drug targeting a novel
pathway to address type 1 diabetes,” said Katie Ellias, Managing Director at
the JDRF T1D Fund. “JDRF was an early supporter of work on this pathway,
and we look forward to supporting the company and collaborating with Sanofi and
the other investors to accelerate the development of this promising therapy.”
“Veralox fits within our strategic investing mandate and we
are excited by the potential for 12-LOX inhibition in both T1D and HITT. We see
the potential to impact patients across the globe in these diseases with high
morbidity and mortality,” said Daniel Mansuri from Sanofi Ventures.
Both Daniel Mansuri and Katie Ellias will join the
Board of Directors.
Veralox is pioneering the development of inhibitors of
12-LOX, which plays key a role in platelet activation and mediation of cellular
stress signaling. Halting the immune driven activation of platelets
reduces blood clot formation, offering the promise of an orphan hematological
indication for the immune-mediated coagulation disorder known as
heparin-induced thrombocytopenia and thrombosis (HITT). In T1D, beta cell
stress leads to cell dysfunction and death. By keeping beta cells healthy
and functional, Veralox’s inhibitor may halt T1D disease progression and has
the potential to be used at all stages of the disease.
About Veralox Therapeutics
VERALOX Therapeutics Inc. (https://veralox.com/) is developing first-in-class
therapeutics that target the underlying pathologies of thrombosis and type 1
diabetes. The company’s lead candidate, VLX-1005, will be developed initially
to treat patients with heparin-induced thrombocytopenia (HIT) and HIT with
thrombosis (HITT). Second generation therapeutic products are under development
for type 1 diabetes (T1D) as well as other immune-mediated and inflammatory
diseases.
JDRF T1D Fund
The JDRF T1D Fund (https://t1dfund.org/) is a venture philanthropy fund
accelerating life-changing solutions to cure, prevent and treat type 1 diabetes
(T1D) through catalytic commercial investments. Through its investments in
partnership with private capital, including venture capital, corporations and
foundations, the T1D Fund seeks to attract the private investment necessary to
advance drugs, devices, diagnostics, and vaccines into the hands of those
living with T1D. The T1D Fund invests in areas strategically aligned with JDRF,
the leading global organization funding T1D research, with an exclusive focus
on supporting the best commercial opportunities. The T1D Fund will reinvest any
realized gains into new investments to further its mission.
Sanofi Ventures
Sanofi Ventures is the corporate venture capital arm of
Sanofi. Sanofi Ventures invests in early-stage biotech and digital health
companies with innovative ideas and transformative new products and
technologies of strategic interest to Sanofi. Among these areas are rare
diseases, vaccines, potential cures in other core areas of Sanofi’s business
footprint, and digital health solutions. For more information, visit www.sanofiventures.com.
Media Contacts:
301-360-3502
JDRF T1D Fund
Scott Lessne
Stanton
646-502-3569
