Mood 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.
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.
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