Portland, Oregon-based biotech startup DesignMedix has raised $1.5 million in funding. The investors included Portland Seed Fund.
PORTLAND, Ore.–(BUSINESS WIRE)–July 17, 2014–
DesignMedix, Inc., a biotech startup with ties to Portland State University, has closed a second round of angel funding from investors in the Northwest. Investors include Portland Seed Fund, as well as members of Bellingham Angels, Oregon Angel Fund, Seraph Angel Network, Willamette Angel Conference, Keiretsu Angel Forum and Tacoma Angel Network.
“The funds will help to support further development of a pipeline of drugs that combat drug resistance, including malaria drugs and new anti-bacterial drugs,” said Dr. Sandra Shotwell, president and COO of DesignMedix. “Drug resistance is a severe global health problem that is considered a significant threat to human health worldwide, according to the World Health Organization and the Centers for Disease Control.”
DesignMedix has exclusive rights to four issued patents relating to drug candidates for malaria drugs. The company’s lab and office are housed in the PSU Business Accelerator.
Most current therapies for malaria and common bacterial diseases show drug resistance, and the cost for treating patients has greatly increased. DesignMedix focuses on overcoming drug resistance to create effective drugs for malaria and other diseases. The company was recently awarded a $3 million grant from the National Institutes of Health to support preclinical development of its malaria drug. This grant is designed to carry the drug forward to human clinical studies. The recent investment will supplement this drug development program, and support expansion into other disease areas.
About DesignMedix Inc.
DesignMedix, Inc. was founded in 2008 to develop drugs to overcome drug resistance. The company’s initial focus is on oral drugs to treat malaria, which kills over 600,000 people per year and affects up to 500 million people. The company has developed a series of novel, safe and effective drugs that have the potential for low-cost production. For more information please visit http://www.designmedix.com.