NEW HAVEN, Conn. (PRWEB) May 07, 2018
The Economic Development Corporation of New Haven announced today that New Haven-based ReNetX Bio, Inc., a private biotech company, has closed on its Series A funding and also solidified the relationship that the company has had with the city. The company plans to begin clinical trials on its drug within the year.
ReNetX Bio, Inc.’s mission is to provide first-in-class therapeutics to treat injury and damage to the central nervous system (CNS) in conditions such as spinal cord injury (SCI), stroke, and glaucoma. The company was founded based on the innovative technology from Dr. Stephen Strittmatter's work at Yale University to restore neurologic function after CNS injury.
The technology allows neurons in the brain to regrow by inhibiting factors that prevent its regeneration. This technology platform provides hope for patients with spinal cord injuries, stroke and glaucoma.
“ReNetX Bio’s decision to open its corporate headquarters in New Haven continues to advance the city’s strong reputation as a center of innovation and jobs,” stated New Haven Mayor Toni N. Harp. “New Haven is committed to providing a strong working environment for ReNetX Bio and other biomedical and high-tech startups as they grow their companies and make New Haven their home.”
ReNetX Bio completed Series A funding with Spring Mountain Capital and Connecticut Innovations co-leading the round. The funding round was oversubscribed, a testament to the potential of the technology platform. ReNetX Bio also raised $7MM in 2017 from The Wings of Life Foundation which is dedicated to finding a cure for spinal cord injury
“We believe that ReNetX Bio’s fusion protein, AXER-204, shows promising potential to treat chronic spinal cord injuries, a significant unmet need,” stated Gregory P. Ho, President, Spring Mountain Capital. “We enthusiastically support the company’s Founder and its very experienced management team in their pursuit of this very important mission.”
“ReNetX Bio is well positioned for growth and New Haven is where we want to grow,” stated Erika R. Smith, CEO, ReNetX Bio. “New Haven has become a thriving hub for biotech companies bringing talent, innovative science and a dynamic community. We are excited to contribute to the City’s growing reputation as a highly desirable location for companies focusing on providing solutions to 21st century challenges.”
“Connecticut Innovations is committed to proving capital and strategic guidance to growing high-tech companies in Connecticut, stated David Wurzer, Executive Vice President and Chief Investment Officer of Connecticut Innovations. “We’re proud to support ReNetX Bio and their ground-breaking work as they continue to innovate and grow in Connecticut.”
“ReNetX Bio’s commitment to New Haven is further proof that New Haven has the work force and business environment to support biomedical and high-tech companies,” stated Ginny Kozlowski, CEO of the Economic Development Corporation of New Haven. “We appreciate their commitment to the City and look forward to working collaboratively with them as they grow jobs in our city and develop therapeutics for unmet medical needs.”