NeurOp Closes on $500K in Seed Financing

01Apr07

NeurOp Corporation, a preclinical stage pharmaceutical company focused on next generation drugs for CNS indications, announced today that it has closed on $500,000 in seed funding.

“This is a significant step toward achieving our goal of accessing $2MM in seed funding. Two million dollars in seed funding combined with the $1.6MM the company has been awarded by NIH through the Small Business Innovative Research Program (SBIR) should enable NeurOp to complete the preclinical development of our first compound, explained NeurOp CEO, Vince La Terza.”

The Blue Grass Angels (BGA), a group of angel investors located in Lexington, Kentucky led the round which is structured as convertible debt. Individuals from the Lexington area as well as certain NeurOp founders and collaborators also invested in the round. Dr. Sidney VanNess of White Mountain Capital, LLC, Member, NASD, SIPC, acted as NeurOp’s placement agent for the round.

About NeurOp, Inc.

NeurOp, Inc is a preclinical stage pharmaceutical company developing innovative therapeutics for CNS indications, including, ischemia, neuropathic pain and Parkinson’s disease. The company’s most advanced compounds modulate a well validated target, the NMDA receptor, in a novel manner designed to enhance therapeutic benefit while alleviating side effects associated with previous generation NMDAR antagonists. NeurOp was founded by three prominent neuroscientists: Dr. Raymond Dingledine, Professor and Chairman of the Department of Pharmacology at the Emory University School of Medicine; Dr. Steven Traynelis, Associate Professor in the Department of Pharmacology at Emory University and Dr James McNamara, Carl R. Deane Professor and Chairman of the Department of Neurobiology, Professor of Medicine (Neurology), and Director of the Center for Translational Neuroscience, Duke University Medical Center. The company’s lab and office facilities are located at EmTech Bio, a biotechnology incubator located on the Briarcliff Road campus of Emory University.

Filed under Deals and Bluegrass Angels.  |Closed

Bluegrass Angels Lead Allylix Series A

29Aug05

Allylix, Inc., a natural and fine chemical company, today announced that the company has successfully secured $1.5 million in capital and appointed Carolyn Fritz, M.B.A., as its new CEO. The financing will be used to fund the development and scale-up of its first products. The close of this round of funding was lead by President and CEO, Carolyn Fritz.

Allylix is a biotechnology company focused on the development and commercialization of terpenes, a class of natural chemicals found in plants. These natural chemicals are of significant interest to the food, agriculture and pharmaceutical markets as a result of their use as fragrances, flavors, agricultural products and new medicines. Historically, these natural chemicals have been too costly for most applications because of the expense of extracting them from plants. Allylix’s technology allows it to cost effectively produce a wide range of these natural chemicals using its high yielding fermentation process and thereby make these valuable compounds available to many new market applications.

The Company was founded by Dr. Joseph Chappell at the University of Kentucky and Dr. Joseph Noel of the Salk Institute for Biological Studies in San Diego, Calif., along with Corporate and Intellectual Property Attorney, Tom Jurgensen to commercialize their research.

This funding is a major step towards the realization of our goal to bring these natural chemicals to market,” said Carolyn Fritz, president and CEO of Allylix. “With this technology, we are able to provide vital compounds to our customers, thus enabling the development of products that would have otherwise been too costly.”

Leading the Series A funding is the Bluegrass Angels, a group of Kentucky investors seeking to develop start-up companies in the region by providing entrepreneurs with seed capital. Also contributing to this round are California angel investors, the Commonwealth Seed Fund of Kentucky, a state-managed venture capital fund, and the Kentucky Commercialization Fund, a state initiative administered by the Kentucky Science and Technology Corporation.

Filed under Deals and Bluegrass Angels.  |Closed
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Southeast Angels is a collaboration between several regional angel networks designed to increase dealflow efficiency for entrepreneurs and investors. The Southeast Angels share investment opportunities, collaborate on diligence efforts and aid entrepreneurs by providing a forum for the regional syndication of angel rounds.