Frederick biotech Veralox Therapeutics raises $5.4 million seed round

Frederick biotechnology firm Veralox Therapeutics has raised a $5.4 million seed round of funding, to help push its first drug candidate toward clinical trials.

The round was led by the JDRF T1D Fund, a venture fund dedicated to accelerating tech to treat, prevent and cure type 1 diabetes (T1D). well as Massachusetts-based Sanofi Ventures, and the VTC Innovation and VTC Seed Fund. The University System of Maryland's Momentum Fund, the University of Vermont Health Network and Maryland Technology Development Corp. (TEDCO) also participated.

Daniel Mansuri, an associate director at Sanofi Ventures, and Katie Ellias, managing director at the JDRF T1D Fund, will join Veralox' board of directors following the deal.

The two-year-old company is previously backed by about $2 million in grant and angel funding, according to data from PitchBook.

Read the full story from the Baltimore Business Journal.