Remedium Bio Announces Successful $2.3M Expanded Seed Raise
Remedium Bio, Inc., a biotechnology company developing novel gene therapies, today announced that it has closed more than $2.3M in its expanded seed round financing. Funding from the raise is being used to study Remedium’s lead product, a single-injection gene therapy potentially capable of reversing cartilage loss, in a collaboration with Tufts University School of Medicine scientists researching rheumatic disorders. The financing was led by Sherwood Ventures and included participation from, LongevityTech.Fund, Primo Medical Group, Angel Star Ventures, Apis Health Angels, MicroVentures, and Guindy Alumni Angels.
Remedium’s lead candidate is the only single injection gene therapy based on the clinically proven anabolic mechanism of FGF18, which has demonstrated the ability to reverse cartilage loss in a placebo controlled, multi-center, randomized clinical trial. Osteoarthritis is the largest unmet need in Rheumatology, presenting a market of $37B with no currently approved therapies capable of slowing or reversing disease progression. Remedium’s novel solution offers the potential to arrest disease progression after a single injection and promote restoration of a more natural, youthful phenotype of articular cartilage.
“Our technology has the potential to reverse years of age-related cartilage loss, for a disease that currently has no approved therapeutic treatments capable of slowing or reversing progression,” said Frank Luppino, President and CEO of Remedium Bio, Inc. “We are extremely excited about the progress made to date, and believe that our gene-augmentation technology can be translated to a number of other age-related pathologies with no currently available disease-modifying options.”
Remedium was founded by orthopedics industry veterans with proven track records of developing leading therapeutics at companies ranging from start-ups to Fortune 500. Remedium has attracted a number of academic collaborators and medical KOLs to its advisory board including Dr. Timothy McAlindon, MD, MPH, Chief of the Division of Rheumatology at Tufts Medical Center, Professor at Tufts University School of Medicine; Dr. Anastassios Pittas, MD, MS, Chief of the Division of Endocrinology, Diabetes, and Metabolism and Co-Director of the Diabetes and Lipid Center at Tufts Medical Center, Professor at Tufts University School of Medicine; Dr. Jeff Ellsworth, PhD, the pioneer of rhFGF18 technology and CSO of Recardia Therapeutics; Dr. Li Zeng PhD, MA, MS, BA Associate Professor Immunology at Tufts University School of Medicine; and Dr. Kai Zou PhD, Assistant Professor, Department of Exercise and Health Sciences, at the University of Massachusetts, Boston.
Remedium’s pipeline includes therapeutic indications in Osteoarthritis, Diabetes, Stroke, and other large unmet clinical needs.