WEST LAFAYETTE, Ind., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Eradivir, a preclinical biotech company that develops antiviral therapeutics, has completed a $10.25 million Series A funding round. The funding will be used to conduct a Phase 2a challenge study of its EV25 influenza treatment.
CEO Martin Low said EV25 consistently outperforms the current standard of care for influenza in preclinical models.
“Within 24 hours of taking EV25, the amount of live virus present in preclinical models was reduced to nondetectable amounts,” he said. “The Phase 2a and Phase 2b trials will collectively demonstrate EV25’s safety and efficacy in humans, starting with proof of concept and culminating in a real-world setting.”
EV25 was built on a platform created by Philip Low, the Presidential Scholar for Drug Discovery and the Ralph C. Corley Distinguished Professor of Chemistry in Purdue University’s College of Science. Low is part of Purdue’s One Health initiative, which advances the university strengths in human, animal, plant and environmental health. He also is on the faculty of the Purdue Institute for Drug Discovery and the Purdue Institute for Cancer Research. Philip Low is Eradivir’s chief scientific officer and on its board of directors.
Philip Low disclosed the immunological innovations to the Purdue Innovates Office of Technology Commercialization, which has applied for patents to protect the intellectual property. OTC licensed the innovations to Eradivir for further development and commercialization.
Securing the funding
Martin Low said raising the Series A round was unique because of the type of investor. Funding was raised with investments from Philip Low, board members and other members of the company. Additional investors were small institutions, friends and family.
“Our investors’ agenda aligns well with Phil’s and Purdue’s objectives,” he said. “Some of the proceeds from EV25, and perhaps other assets, will be reinvested in additional molecules discovered and developed at Eradivir and, by extension, Purdue.”
Eradivir received $10.8 million in previous funding rounds along with $1 million from the National Science Foundation and the Center for Biomedical Advanced Research and Development Authority’s (BARDA) Division of Research, Innovation and Ventures.
“We are looking to raise another $10 million to reach our targeted inflection point of completing three trials: the Phase 1 SAD (single and multiple ascending dose) study, Phase 2a challenge study and Phase 2b patient study,” Martin Low said. “Our goal is to secure these remaining required funds through nondilutive sources, including BARDA, the Department of Defense and National Institutes of Health.”
About Eradivir
Eradivir’s goal is to focus the power of the immune system to treat disease. Its small-molecule, bispecific immunotherapy tethers a patient’s immune cells specifically to a diseased cell facilitating its rapid and selective destruction. Its first drug to go into humans, EV25, is directed against influenza.
About Purdue Innovates Office of Technology Commercialization
The Purdue Innovates Office of Technology Commercialization operates one of the most comprehensive technology transfer programs among leading research universities in the U.S. Services provided by this office support the economic development initiatives of Purdue University and benefit the university’s academic activities through commercializing, licensing and protecting Purdue intellectual property. In fiscal year 2024, the office reported 145 deals finalized with 224 technologies signed, 466 invention disclosures received, and 290 U.S. and international patents received. The office is managed by the Purdue Research Foundation, a private, nonprofit foundation created to advance the mission of Purdue University. Contact otcip@prf.org for more information.
About Purdue University
Purdue University is a public research institution demonstrating excellence at scale. Ranked among top 10 public universities and with two colleges in the top four in the United States, Purdue discovers and disseminates knowledge with a quality and at a scale second to none. More than 105,000 students study at Purdue across modalities and locations, including nearly 50,000 in person on the West Lafayette campus. Committed to affordability and accessibility, Purdue’s main campus has frozen tuition 13 years in a row. See how Purdue never stops in the persistent pursuit of the next giant leap — including its first comprehensive urban campus in Indianapolis, the Mitch Daniels School of Business, Purdue Computes and the One Health initiative — at https://www.purdue.edu/president/strategic-initiatives.
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