The Company Raises $10 Million to Expand Its Operations and Prepare to Conduct Pivotal Studies of Lead Drug Candidate ENA-001
PRINCETON, N.J., February 2, 2021 (Newswire.com) – Enalare Therapeutics Inc., a clinical stage biopharmaceutical company dedicated to developing novel therapies for life-threatening acute respiratory and critical care conditions, announced today that it has successfully closed its seed funding round of $10 million. The offering was met with significant enthusiasm and exceeded the original target, attracting a wide range of experienced biopharmaceutical investors, including two funds that each contributed more than $3 million.
“We are very pleased to have accomplished this important milestone for the Company and to see investor confidence in ENA-001 as a treatment for patients experiencing life-threatening acute respiratory depression,” stated Herm Cukier, Executive Chairman, President, and CEO of Enalare Therapeutics. “We are well-positioned to move forward with our plans to further capitalize the Company and achieve significant development milestones in the year ahead.”
“This successful seed round is another validation of the potential for Enalare’s novel drug compounds,” stated Daniel Motto, Enalare’s Chief Operating Officer. “We have already started to deploy these funds to grow our R&D organization, advance the clinical programs, and initiate advanced formulation work to expand our product offerings.”
About Enalare Therapeutics Inc.
Enalare Therapeutics Inc. is a clinical-stage biopharmaceutical company dedicated to developing and commercializing novel therapies for patients suffering from acute respiratory and critical care conditions including respiratory depression caused by drug overdose, post-surgery, and pathogens such as COVID-19. The Company is planning to initiate pivotal studies for its lead compound ENA-001 in the near term.
Source: Enalare Therapeutics Inc.