Nitric BioTherapeutics Inc., which is developing treatments for athlete’s foot and other infections, has pulled in an additional $1.7 million of an ongoing funding round that’s projected to hit $20 million.
The fundraise, which was led by existing investors, brings the company’s total funding to about $16 million since 2006, CEO Frank McCaney said. Nitric Bio’s primary investors are Quaker BioVentures, New Spring Capital and Cardinal Health spinoff CareFusion.
The company will use the funding for a Phase 2 trial of a therapy for onychomycosis, or nail fungal infections. The drug’s delivery technology is based on iontophoresis, the use of electric current to optimize penetration of drugs through the skin and nails. McCaney expects the trial to be complete by the middle of 2011.
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Nitric Bio purchased the intellectual property related to the technology last year from Framingham, Massachusetts-based Transport Pharmaceuticals for an undisclosed sum.
The company is developing another drug that’s based on applying nitric oxide gas topically to the skin to treat fungal infections and bacterial infections. A treatment for athlete’s foot that employs the technology recently wrapped up Phase 2 clinical trials, McCaney said.
The fundraise comes in the form of debt, equity and options, with the first sale occurring on June 29. The capital was sourced from six investors, according to a regulatory document.
Nitric Bio, which was formerly known as Theranox Inc., also raised $1.7 million last year, according to an earlier regulatory filing.
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The company has six full-time employees, McCaney said.
