ROCKVILLE, MD—Amulet Pharmaceuticals, which is working on treatments for diabetic complications and heart disease medical devices, has closed a $1.7 million A round.
Wilmington Investor Network (WIN), a private equity fund located in North Carolina, led the funding.
“Amulet is well positioned to develop breakthrough approaches that have important medical benefits,” says Michael G. Cain, managing member of WIN.
“Amulet has an exceptionally strong and experienced leader, novel technologies that represent commercial opportunities, and a major unmet need in nitric oxide treatment, which provides the company with a robust foundation to support growth,” he says.
Additional financing came from Springboard Capital LLC, a member managed, early stage, private equity fund in Florida.
The company will use the equity funding to advance nitric oxide research and development of novel therapeutics for diabetic gastroparesis and cardiovascular medical devices.
Amulet is developing small molecules and polymers that deliver nitric oxide throughout the body to act as anything from a sanitizer to a blood thinner.
The nitric oxide technology was developed by the company’s founder and chief scientific officer, Robert Raulli, who used $750,000 from a federal small business innovation research grant to prepare for trials.
Amulet CEO Craig Liddell was an executive at Gaithersburg-based Artesian Therapeutics Inc., which sold to Cardiome Pharma Inc., and previously at North Carolina-based Paradigm Genetics Inc., which sold its’ healthcare business to Clinical Data Inc. and sold the agricultural business to Monsanto Corp. in 2004.
The company, founded in 2001, raised $820,000 from angel investors during the third quarter last year and closed on the balance of the Series A financing in late 2006. The company received $75,000 from the Maryland Technology Development Corp last April.
For more information see: www.amuletpharma.com
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