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CoDa Therapeutics Secures $10.0 Million in Additional Series A Financing
21 / 02 / 2007
Wound Healing Drug Development Company Will Use Funds
to Achieve Clinical Development Milestones
CoDa Therapeutics, Inc., today announced a second closing of its Series A financing, receiving $10.0 million in additional venture capital commitments from existing venture investor Domain Associates and new investor GBS Venture Partners. CoDa has now fully subscribed its $20.0 million Series A financing round. Pursuant to this second closing, Dr. Geoff Brooke from GBS Venture Partners has joined CoDa's board of directors.
CoDa is focused on novel wound care technologies based on unique targets and mechanisms of action that have been demonstrated to dramatically improve healing in multiple tissue types following a single therapeutic application.
"We are extremely pleased to fill out the remainder of our $20 million Series A financing commitments and to be able to add another prestigious and experienced biopharmaceutical investor like GBS Venture Partners to our team," stated Bradford J. Duft, President and Chief Executive Officer of CoDa. "This Series A funding will allow CoDa to continue to push forward with its clinical development plans and to file its first IND later this year."
"We are impressed with CoDa's technology and its well planned advancement into the clinic and are thrilled to be able to team up with Domain and CoDa's management team to help drive CoDa's technology forward," stated Dr. Geoff Brooke, of GBS Venture Partners. "This is a very exciting opportunity, for investors and patients alike, and we believe that CoDa's first clinical indication, enhancement of healing following photorefractive keratectomy (PRK), is an ideal initial ocular indication to demonstrate the ability of its lead drug candidate, NexagonT, to increase the rate of re-epithelialization while potentially reducing inflammation and scarring."
to Achieve Clinical Development Milestones
CoDa Therapeutics, Inc., today announced a second closing of its Series A financing, receiving $10.0 million in additional venture capital commitments from existing venture investor Domain Associates and new investor GBS Venture Partners. CoDa has now fully subscribed its $20.0 million Series A financing round. Pursuant to this second closing, Dr. Geoff Brooke from GBS Venture Partners has joined CoDa's board of directors.
CoDa is focused on novel wound care technologies based on unique targets and mechanisms of action that have been demonstrated to dramatically improve healing in multiple tissue types following a single therapeutic application.
"We are extremely pleased to fill out the remainder of our $20 million Series A financing commitments and to be able to add another prestigious and experienced biopharmaceutical investor like GBS Venture Partners to our team," stated Bradford J. Duft, President and Chief Executive Officer of CoDa. "This Series A funding will allow CoDa to continue to push forward with its clinical development plans and to file its first IND later this year."
"We are impressed with CoDa's technology and its well planned advancement into the clinic and are thrilled to be able to team up with Domain and CoDa's management team to help drive CoDa's technology forward," stated Dr. Geoff Brooke, of GBS Venture Partners. "This is a very exciting opportunity, for investors and patients alike, and we believe that CoDa's first clinical indication, enhancement of healing following photorefractive keratectomy (PRK), is an ideal initial ocular indication to demonstrate the ability of its lead drug candidate, NexagonT, to increase the rate of re-epithelialization while potentially reducing inflammation and scarring."