Nitric BioTheraputics, a biopharmaceutical and medical device company, is raising $1 million to fund clinical trials of its drug-delivery therapy for onychomycosis, a type of nail fungus, according to the CEO of the company, Frank McCaney.
The company filed a Form D filing with the U.S. Securities and Exchange Commission dated Nov. 29.
The Bristol, Pennsylvania company is conducting phase 2 clinical trials using iontophoresis as a drug-delivery platform to treat onychomycosis — one of the most common types of toenail and fingernail fungal infections, causing half of all nail disorders — and nongenital warts.
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Iontophoresis involves using electric currents to improve drug delivery through the skin and nails, a method the company says improves drug delivery since it can facilitate delivery of high concentrations of a medication in a single dose and is pain free for patients.
NuPathe also uses iontophoresis technology for its migraine patch.
The second therapy is nitric oxide to treat fungal infections between digits, referred to as tinea pedis, and skin and soft tissue infections. A regulatory molecule, varied concentrations of nitric oxide may have different effects, according to the company’s website. A significant challenge to obtaining the desired effect of nitric oxide is getting the right concentrations of the drug for a specific exposure.
Among the company’s backers are Radnor, Pennsylvania-based New Spring Ventures, Quaker BioVentures in Philadelphia and Cardinal Health spinoff CareFusion in Dublin, Ohio.
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Last year, NB Therapeutics raised $1.7 million of an ongoing funding round that was projected to reach $20 million. It had raised $1.7 million in 2009.