Posted September 5, 2019
Veralox Therapeutics Raises $5.4 Million in Seed Funding Co-Led by JDRF T1D Fund and Sanofi Ventures
Funding to Advance Development of Drug Candidates Targeting Heparin-Induced Thrombocytopenia and Type 1 Diabetes
Veralox Therapeutics (“Veralox”), a preclinical stage company focused on accelerating the development of first-in-class therapeutics for unmet medical needs, today announced it has raised a $5.4 million seed funding round. The funding was led by the JDRF T1D Fund, Sanofi Ventures, and the VTC Innovation and VTC Seed Fund, with participation from the Maryland Momentum Fund, the University of Vermont Health Network and TEDCO.
Veralox is headquartered in Maryland and founded in 2017 by Drs. Jeffrey Strovel, David Maloney, and Matthew Boxer, three industry veterans with a track record of successful drug discovery and development. The company is currently developing therapeutics targeting 12-lipoxygenase (12-LOX). The new funding will be used to support the pre-clinical development of therapeutics to block the 12-LOX enzyme for several indications, including the rare hematological indication heparin-induced thrombocytopenia and thrombosis (HITT) and type 1 diabetes (T1D). Veralox’s lead candidate, VLX-1005, was discovered and developed in collaboration with University of California Santa Cruz, Thomas Jefferson University, NIH, and Eastern Virginia Medical School.