Eradivir Secures $10.25 Million Funding for Influenza Study
Eradivir Raises $10.25 Million for Influenza Treatment Development
Eradivir, a preclinical biotech company specializing in antiviral therapeutics, has successfully completed a $10.25 million Series A funding round. This investment aims to facilitate their Phase 2a challenge study of the EV25 treatment for influenza. According to CEO Martin Low, the EV25 treatment has consistently shown superior performance compared to existing influenza therapies in preclinical models.
About EV25's Promising Performance
Martin Low highlighted that within 24 hours of administration, EV25 demonstrated the capacity to reduce live virus levels in preclinical studies to undetectable levels. The forthcoming Phase 2a and Phase 2b trials aim to further ascertain EV25's safety and effectiveness in human subjects, progressing from initial proof of concept to real-world applications.
Investment Structure and Future Goals
The funding success was notable for its distinctive investor profile, with significant contributions from Philip Low, board members, and supporters from within the company. Additionally, investments came from small institutions, friends, and family networks. Martin Low expressed confidence that the investor agenda aligns well with the broader objectives of Purdue University and Philip Low's initiatives.
Prior Funding Contributions
Eradivir had previously secured $10.8 million from earlier funding series and an additional $1 million from the National Science Foundation as well as contributions from the Biomedical Advanced Research and Development Authority’s Innovation Division. The company is now aiming to raise another $10 million to complete three critical trials, which include the Phase 1 single and multiple ascending dose study, the Phase 2a challenge study, and the Phase 2b patient study.
Strategic Funding and Collaborations
Martin Low stated that the goal is to secure these remaining funds through non-dilutive avenues, tapping into resources from BARDA, the Department of Defense, and the National Institutes of Health. This strategic approach ensures that the company can advance its trials without impacting shareholder equity.
Eradivir's Mission and Approach
At its core, Eradivir aims to harness the power of the immune system for therapeutic applications. Utilizing advanced small-molecule, bispecific immunotherapy, the firm targets diseased cells more effectively, bolstering the immune response for rapid recovery. The pioneering EV25 drug represents their first foray into human clinical trials, targeting influenza directly.
Purdue University’s Collaborative Role
As part of the collaboration with Purdue University, Eradivir is linked to the Purdue Innovates Office of Technology Commercialization. This office plays a crucial role in fostering innovation and advancing Purdue’s research initiatives by commercializing and protecting the university's intellectual property. Over the past fiscal year, the office has facilitated numerous deals and technology transfers that enhance the university's research capabilities.
Eradivir's Future Prospects
With over 105,000 students enrolled across various programs, Purdue University stands as a beacon of research excellence. The institution is committed to affordability and innovation, fostering an environment conducive to advancements in science and technology. As Eradivir transitions into advanced clinical trials, its progress will not only impact influenza treatment but could also broaden the horizons for antiviral therapies.
Frequently Asked Questions
What is Eradivir focusing on with its recent funding?
Eradivir is utilizing the $10.25 million funding to advance clinical trials for its EV25 influenza therapeutic.
How effective is EV25 in preliminary studies?
Preclinical studies indicate that EV25 can reduce the amount of live influenza virus to undetectable levels within 24 hours of administration.
What collaborations does Eradivir have with Purdue University?
Eradivir collaborates with the Purdue Innovates Office of Technology Commercialization to leverage Purdue's research initiatives and intellectual property.
What trials is Eradivir planning to conduct next?
Eradivir plans to conduct Phase 2a and Phase 2b trials to assess EV25's safety and efficacy in human patients.
What is the long-term goal for Eradivir's funding strategy?
Eradivir aims to raise additional funds through non-dilutive sources like BARDA and the Department of Defense to support its clinical trial goals.
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