Akelos Inc. Completes Seed Financing to Fund Development of a Novel Treatment for Neuropathic Pain.
NEW YORK, November 26, 2018 (Newswire.com) - Akelos Inc., a biopharmaceutical company focused on the development of new drugs for neuropathic pain announced today that it has completed a $295,000 seed financing to provide initial funds for a research collaboration with Well Cornell Medicine to develop and commercialize a novel, non-opioid anti hyperalgesic drug to treat chronic and neuropathic pain.
The pre-clinical laboratory research that gave rise to the underlying technology was enabled through prior support provided by Weill Cornell Medicine’s Daedalus Fund for Innovation, an “accelerator” type program that provides gap funding for select research projects at Weill Cornell Medicine with manifest commercial potential. Weill Cornell Medicine’s Office of BioPharma Alliances and Research Collaborations, which leads the Daedalus Fund for Innovation, catalyzed and negotiated the Agreement with Akelos.
However, the unprecedented opioid epidemic has made it all the more important to develop new medications that relieve pain without the addictive qualities that can lead to dependency. Our collaboration with Weill Cornell Medicine researchers, led by Dr. Goldstein, is a critical step to realizing that goal.
Dr. Steven Fox, CEO Akelos
Dr. Peter Goldstein, a professor of anesthesiology at Weill Cornell Medicine and a principal investigator in the C.V. Starr Laboratory for Molecular Neuropharmacology in the institution’s Department of Anesthesiology, will participate on the Scientific Advisory Board of Akelos.
“An estimated 20 million people in the United States live with chronic neuropathic pain, for which opioid medication is a common treatment,” said Dr. Steven Fox, chairman of Akelos Inc. “However, the unprecedented opioid epidemic has made it all the more important to develop new medications that relieve pain without the addictive qualities that can lead to dependency. Our collaboration with Weill Cornell Medicine researchers, led by Dr. Goldstein, is a critical step to realizing that goal." Weill Cornell Medicine's Office of BioPharma Alliances and Research Collaborations’ mission is to proactively generate, structure and market translational research alliances with industry in order to advance promising research projects that have commercial potential. For more information, contact Larry Schlossman at las2041@med.cornell.edu or at 212-746-6909.
For more information, please contact:
Akelos Inc.
Dr. Steven Fox, CEO
212-953-1544
drstevefox@aol.com
About Akelos Inc.
Akelos Inc. is a biopharmaceutical clinical company focused on the translation of innovative science into treatment. The company currently is developing novel non-narcotic drugs for the treatment of neuropathic pain. The goal of Akelos is to address some of today’s most pressing areas of unmet needs.
Forward-Looking Statement
This press release contains forward-looking statements. These forward-looking statements are based on management’s expectations and are subject to certain factors, risks, and uncertainties that may cause actual results, outcomes of events, timing and performance to differ materially from those expressed or implied by such statements. These statements include, among others, those related to: the results of research and development activities, uncertainties relating to preclinical and clinical testing, the cost, timing and outcome of the regulatory development and approval process, our budgets, expenditures and financing plans, our need for substantial additional funds, patent and intellectual property matters, our dependence on third parties, including contract research and contract clinical trial organizations; and market opportunity and competition.
The information contained in this press release is believed to be current as of the date of original issue. Akelos, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Source: Dr. Steven Fox