Cloud Pharmaceuticals will try and grab eight-figures of capital to fuel its approach to drug development, which uses cloud-based supercomputing to formulate molecules that will work as new medications.
CEO Ed Addison told the Triangle Business Journal it’s going to try and raise $10 million this year.
The Research Triangle Park company had a notable win last year: it started working with the University of Florida to develop new cancer drugs using its “in silico” approach. The partnership was focusing on 10 research projects.
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It seems like fund-raising has been tricky in the last few years. Cloud has raised about $7 million total, though in 2014 it tried to raise the first tranche of a $20 million round.
However, has started to generate notable revenue. Addison also told the Business Journal it projects to make $5 million in 2016.
