Over-subscribed round to support Phase2a clinical trial in atopic dermatitis
ANNAPOLIS, Md., Sept. 15, 2022 /PRNewswire/ -- Alphyn Biologics, a clinical-stage dermatology company developing first-in-class multi-target therapeutics, announced today that it is has closed a Series A financing round of approximately $3.3 million. The over-subscribed round was led by Queen City Angels, with participation from the Angel Physicians Fund and Serial Stage Venture Partners.
Alphyn has raised approximately $6.7 million to date, including a seed round of more than $1 million, and a second round of more than $2 million. Participants in previous rounds include family office investment funds, a corporate fund, and professional high-net-worth investors.
The Series A financing will support the Phase2a clinical trial of AB-101a, Alphyn's lead candidate for the treatment of mild-to-moderate atopic dermatitis (AD), the most common form of eczema. AB-101a is anticipated to be the first AD treatment with the unique ability to target the disease's bacterial and immune system components. It has the potential to treat both infected and non-infected AD effectively and is being studied for use in pediatrics, starting at age two, as well as in adult populations.
"Current atopic dermatitis treatments are plagued with numerous safety and side effect problems. They frequently fail to address all the contributors to the disease," said Tony Shipley, chair and co-fund manager of Queen City Angels. "AB-101a is urgently needed in the dermatology market, and we look forward to working with Alphyn to advance its technology through clinical trials and ultimately improve the lives of the millions of AD suffers."
AB-101a, a non-steroidal, is in development to treat the inflammation, itch, and uniquely the bacterial causes commonly associated with AD, including infection. AB-101a targets common bacteria such as Staph and highly drug-resistant methicillin-resistant Staph (MRSA) that worsen AD and prevent its healing. These attributes, combined with its expected strong safety and very low side-effect profile, could make AB-101a the 'drug of choice' for physicians and patients. As a "4-in-1" solution, AB-101a would enable AD to be treated with a single therapeutic rather than multiple drugs. Significantly, AB-101a's strong safety profile has allowed Alphyn to move directly into Phase 2a clinical trials shortening the approval process and saving the company millions of dollars.
"We are honored and thrilled to close this round having passed the rigorous due diligence processes of three professional investment funds that understand the urgent need for a safe, effective, and comprehensive treatment for AD," said Alphyn CEO Neal Koller. "This financing allows us to begin an accelerated global multi-center clinical trial program to support a New Drug Application with the FDA and other national health authorities."
ABOUT ALPHYN BIOLOGICS
Alphyn Biologics is a clinical-stage dermatology company developing first-in-class multi-target therapeutics for severe and prevalent skin diseases based on its AB-101 platform. Its lead product candidate, AB-101a, is a topical treatment for atopic dermatitis (AD), the most common form of eczema, currently in a Phase 2a clinical trial. AB-101a has demonstrated a strong safety profile and is in development to uniquely target AD's bacterial and immune system components, making it ideal for treating infected and non-infected AD. Alphyn's AB-101 platform has multiple bioactive compounds and, therefore, multiple mechanisms of action to support a robust pipeline of dermatologic therapeutics with potential safety, efficacy, and regulatory marketing authorization advantages. Alphyn is based in Annapolis, Maryland, and Cincinnati, Ohio, and has a wholly owned subsidiary in Australia. The company became operational in 2020 and has raised approximately $6.7 million.
