Want to know what's happening next in healthcare?

MedCityNews is the leading online news source for the business of innovation in healthcare.


“I like the diversity of topics that MedCity News covers – ranging from devices to policy to start-up companies. Always something interesting to find.”

Robert J. Szczerba, Ph.D., CEO, X Tech Ventures


Sign up for our daily newsletter


To advance treatment for post traumatic stress disorder, biotechnology firm raises $2.2M

5:09 pm by | 0 Comments

bigstock-People-faces-doodle-cartoon-e-25672391Mood and behavior disorders, such as post traumatic stress and depression, affect up to 40 million in the U.S. A biotechnology company developing a way to treat the disorders has raised $2.2 million, according to a Form D filing with the U.S. Securities and Exchange Commission. The financing will help Azevan Pharmaceuticals advance its two therapeutics to treat these neurological disorders through Phase 2 clinical trials.

Its therapeutic is designed to block the effects of arginine vasopressin, a neurotransmitter associated with chronic stress.

This week Keystone Edge reported that Azevan had received $600,000 in grant money from the National Institutes of Health. Since 2004 it has received a total of $9 million.

The company is housed at Ben Franklin Tech Ventures on Lehigh University’s campus, which is part of Ben Franklin Technology Partners of Northeastern Pennsylvania. Ben Franklin is part of the state’s economic development arm.

Advertisement

Other Tech Venture residents who received federal funding include Hager Biosciences which received a $375,000 NIH grant to advance its treatment for nicotine addiction and other substances.

Third Eye Diagnostics received $500,000 from the National Science Foundation for its noninvasive, hand-held device to do rapid diagnosis of potential brain injuries for uses in sports and hospitals.

VaxForm received $750,000 last month in the form of a Phase II Small Business Technology Transfer grant for the development of its vaccines for scarlet fever, strep throat and impetigo.

 [Photo credit: People faces doodle from BigStock Photo]

bigstock-People-faces-doodle-cartoon-e-25672391.jpg

Copyright 2014 MedCity News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Stephanie Baum

By Stephanie Baum

Stephanie Baum is the East Coast Innovation Reporter for MedCityNews.com. She enjoys covering healthcare startups across health IT, drug development and medical devices and innovations deployed to improve medical care. She graduated from Franklin & Marshall College in Pennsylvania and has worked across radio, print and video. She's written for The Christian Science Monitor, Dow Jones & Co. and United Business Media.
Visit website | More posts by Author

0 comments

Hear the latest news first

Get our daily newsletter or follow us.

 

Advertisement