US-based antibiotics developer BioRelix secured $500,000 in capital on Wednesday from Connecticut Innovations (CI), a quasi-public investment entity funded by the Connecticut state legislature. CI made the investment through its Eli Whitney fund.
CI’s contribution brings BioRelix’s funding for its latest round to $4.2m, the remainder having been raised in September. The investors in that tranche were not disclosed but signatories on the filing included representatives from corporate venturing unit Novartis Venture Funds, venture capital firms New Leaf Venture Partners and CHL Medical Partners, private equity fund Aisling Capital, non-profit medical research organisation the Scripps Research Institute and the Yale University’s Office of Cooperative Research, which commercialises academic research.
Prior to the current round, BioRelix had raised $39.5m over four rounds, with funding coming from the same investors, according to estimatins from the company’s SEC filings.
BioRelix is developing a range of drugs designed to combat infection by targeting the RNA strands that bind the small molecules and control genes for many diseases. BioRelix’s lead candidate is a drug intended to work against hospital-related infections, and it formed a research partnership with pharmaceutical company Merck in 2010 with the intention of discovering antibacterial drug candidates.
Brian Dixon, chief executive officer of BioRelix, said: "We are extremely pleased to add Connecticut Innovations to our top-tier investor team. The additional resources they provide will help us in the discovery of new, much needed antibacterial medications."