Pharma, Startups

A new treatment for brain aneurysm: Edge Therapeutics rakes in $72.5M

New Jersey biotech Edge Therapeutics just raised $72.5 million from two new financing rounds, with […]

New Jersey biotech Edge Therapeutics just raised $72.5 million from two new financing rounds, with aims to advance its drug delivery system for brain hemorrhaging and other acute neurological conditions into Phase 3.

Edge has two novel product candidates under development – one for subarachnoid hemorrhage, and the other as a prophylactic treatment for chronic subdural hematoma to prevent recurrent surface brain bleeds.

The company’s Precisa platform helps deliver its drugs directly to the site of injury in the brain – helping avoid systemic side effects from the powerful drugs associated with the standard of care. For instance, it can deliver Edge’s lead candidate, EG-1962 (nimodipine) through a brain catheter – but the drug’s too large to be carried away by macrophages. The Precisa platform’s built from a matrix of biodegradable, biocompatible polymers, Edge says, that allows for sustained and site-specific drug release.

The new dollars will go toward wrapping up its Phase 1/2 NEWTON study and ramp up for a Phase 3 trial for EG-1962 to target ruptured brain aneurysms. Preliminary data from two of the six patient cohorts of the NEWTON study was favorable, Edge says.

The most recent, a $56 million Series C-2 round completed this month and led by Venrock, also included Sofinnova Ventures, Janus Capital Management, New Leaf Venture Partners and BioMed Ventures. The first tranche,  Series C-1 financing, was completed in December and included investments from high net worth individuals, family offices and private foundations.

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