Steel Therapeutics, an early stage pharmaceutical company focused on increasing access to compounded drug therapies, announced this week that it has closed on $1.5 million in financing in an over-subscribed seed round. The company’s financing was led by ISA Ventures, based in Cedar Rapids, Iowa and included a several private investors with significant industry experience.
“We are grateful for the support of our new and existing investors and continue to be encouraged by their enthusiasm for our efforts to bring a new generation of therapies out of backrooms and to patient bedsides,” said Matt Stahl, PharmD, Founder and CEO in a news release.
The raised capital will be used to finalize development of Steel’s Fizurex medicated wipe, advance the company’s pre-clinical testing program later this year, support protection of associated intellectual property, and position the company for its first IND filing with the FDA in 2023.
Steel Therapeutics also announced that veteran biotech executive, Dennis Sparks, is joining its board as part of the round. Dennis has previously served as an executive with Pfizer and UpToDate, and will bring insights from the pharmaceutical industry to the team.
“Steel’s efforts to translate insights from compounding pharmacies into FDA-approved solutions that are broadly accessible to patients is work that stands to benefit millions,” said Sparks. “It is an honor to be rolling up my sleeves alongside this dedicated team of entrepreneurs.”