By Jennifer Chiou
New York, Nov. 29 - Edison Pharmaceuticals, Inc. said it closed on $2.8 million in series A financing.
Paul Avery led investors and will represent series A preferred shareholders as a board member.
Proceeds along with $3.4 million in recently awarded foundation grants will be used to advance EPI-A0001 into clinical development for inherited mitochondrial diseases, the company said.
"Capital from this financing coupled with non-dilutive grants obtained through foundations will accelerate our path to the clinic," Edison chief executive officer Guy Miller said in a news release.
"We are enthusiastic about the prospects of arresting the progression of orphan mitochondrial diseases for which there currently are no approved therapies."
Separately, Edison added it entered into technology transfer and screening agreements with Galileo Pharmaceuticals. As part of the transaction, Galileo obtained an equity stake in Edison and Peter Morris will join Edison's board.
Hamilton Moses, chairman of The Alerion Institute, will also join the Edison board as an outside member.
Based in San Jose, Calif., Edison Pharmaceuticals is focused on diseases affecting the respiratory chain, an essential component of energy production located within the mitochondria.
| Issuer: | Edison Pharmaceuticals
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| Issue: | Preferred stock
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| Amount: | $2.8 million
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| Round: | Series A
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| Investor: | Paul Avery (lead)
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| Announcement date: | Nov. 29
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