Posted June 23, 2021
USM Maryland Momentum Fund Portfolio Company Veralox Therapeutics Announces $16 Million in New Investment
Company Led by University of Maryland Graduate Jeff Strovel Shows Continued Growth after Receiving Seed Funding from Maryland Momentum Fund and Other Investors in 2019
Baltimore, Md. (June 23, 2021) -- Veralox Therapeutics, a biotechnology company developing small molecule therapeutics to treat the underlying causes of diseases that have significant unmet medical needs, today announced the closing of a new round of funding – a $16 million Series A financing. Investors in the new financing include Sanofi Ventures, Genesys Capital, Hatteras Venture Partners, JDRF T1D Fund, Point Field Partners, VTC Innovation Fund, University System of Maryland (USM) Momentum Fund, and TEDCO. Maryland Momentum Fund was among the first investors in Veralox with a $500,000 seed funding investment in 2019.
“We are very pleased to have the Maryland Momentum Fund as a returning investor,” said Jeffrey Strovel, PhD, chief executive officer of Veralox Therapeutics. “Early on, the Momentum Fund team saw the potential of our unique approach in drug development and the strength of our platform. Their support, which has also included connections to potential partners and strategic counsel, has contributed our success.”
Read the full release from the University System of Maryland.