Money Moves: These 8 Philly-Area Companies Raised More Than $118M Total This Spring
A handful of Philly-area companies across industries like biosciences and and information sciences have announced some fundraising in the past two months ranging from a few hundred thousands dollars up to $45 million.
In late May, Palvella Therapeutics, a Wayne-based biopharmaceutical company focused on genetic diseases, announced that it had raised $45 million in Series C funding. In addition, the company said that two key investors — Scott Morenstein, managing director of CAM Capital, and Cory Freedland, principal of Samsara BioCapital — have been nominated to join the Palvella board of directors.
“Palvella was founded on fundamental beliefs that every individual with a rare disease deserves a treatment and that significant value creation occurs upon the introduction of the first approved therapy or a serious rare genetic disease,” said Wes Kaupinen, president and CEO.
The capital will support the advancement of PTX-022, its gel for the treatment of adults with pachyonychia congenita, a rare, chronically debilitating and lifelong skin disease.
Early last month, medical transportation startup Roundtrip received a $252,000 Small Business Innovation Research grant to conduct a study focused on patients with opioid use disorder along with the University of Pennsylvania, Lyft and Contra Costa Health Services in California, Philadelphia Business Journal reported.
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