A startup spun out from GlaxoSmithKline has found eight investors and is looking for more as it aims to raise $1 million.
The company, Phoundry Pharmaceuticals, says in an SEC filing that it has raised $500,000 in debt and options.
Phoundry says it wants to raise $1 million in all but doesn’t plan for that money to last for more than a year.
At this point, the company has eight investors, the filing says.
Phoundry, which is based in RTP, already has one big backer:
The North Carolina Biotechnology Center granted the firm a $50,000 recently through a company inception loan/
Phoundry is focused on treatment of diabetes and is developing peptide-based compounds.
Some of the firm’s founders are listed as authors of a 2013 research paper focusing on Type 2 diabetes:
“Discovery of a Highly Potent, Nonabsorbable Apical Sodium-Dependent Bile Acid Transporter Inhibitor (GSK2330672) for Treatment of Type 2 Diabetes”
And on a 2015 paper:
“Effect of Roux-en-Y Gastric Bypass Surgery on Bile Acid Metabolism in Normal and Obese Diabetic Rats”
An abstract of the papers can be found at ResearchGate.net
