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.
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
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.
