US-based biopharmaceutical company Tunitas Therapeutics, closed a $10m series A round on Wednesday co-led by WuXi Ventures, the strategic investment arm of pharmaceutical company WuXi PharmaTech.
The round was co-led with healthcare-focused private equity group Ally Bridge, and also included investment bank RA Capital Advisors.
Tunitas is developing targeted protein therapeutics to treat serious allergic diseases like asthma and food allergies. The funding is expected to take its lead product candidate, an asthma treatment called epsi-gam, through initial Phase 1 clinical trials to the initiation of Phase 2a studies.
Nolan Sigal, president and CEO of Tunitas, said: “We have developed our platform and lead candidate to the point of clinical readiness over the last several years with significant non-dilutive funding from the National Institutes of Health.
“With this new financial support from a group of experienced investors, we have a tremendous opportunity to develop first-in-class treatments for allergic diseases, and we seek to make a significant impact on patient care with our innovative approach.”