CoDa Therapeutics gets Russian investment boost
San Diego, USA-based CoDa Therapeutics says that it raised an additional $20 million from RusnanoMedInvest (RMI), a subsidiary of Russia’s RusNano, in a second close of its Series B financing round.
The transaction is the first investment under a joint agreement between RusNano and Domain Associates that was reached in March 2012. This brings the total Series B Round to nearly $40 million following the first close late last year. All current investors, including Domain Associates, GBS Ventures and BioPacificVentures participated.
A portion of the proceeds of the financing will be used to expand late stage clinical trials of Nexagon, the company's lead product candidate, for additional indications including diabetic foot ulcers. The active ingredient in Nexagon is CODA001, a natural, unmodified antisense oligonucleotide that down-regulates the key gap junction protein connexin43 to dampen inflammatory responses and enhance healing.
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