Alume Biosciences, a leading biotechnology company focused on nerve-targeted pharmaceuticals for therapeutic and surgical use, has announced on Friday May 1, 2020 that the company has successfully completed the A funding for the amount of $5.5 million dollars.
According to the details released by the PR Newswire News Agency, The Series A round is expected to completely fund the ALM-488, an intravenously administered peptide for highlighting of nerves during surgery. The compound will further be examined to check the efficacy and safety in different patients undergoing neck and head surgery.
Co-founders Dan Dan Bradbury and Chrysa Mineo also participated in the Series A round.
Founder and Chief Executive Officer of Alume, Quyen Nguyen said, “We had overwhelming interest in our Series A round, which was oversubscribed.”
“I am especially excited and grateful that so many surgeons and physicians representing end-users of the technology participated financially in pursuit of making a nerve illumination agent available in the surgical suite in a rapid timeframe,” Nguyen further added.
Co-founder of Alume, Chrysa Mineo said, “The Alume team has demonstrated exceptional development execution to date, rapidly identifying a lead nerve-illumination candidate after company founding and generating significant interest amongst physicians for the initial indication of head and neck surgery.”
“ALM-488 and related compounds are expected to have broad application across a wide range of surgical indications, reducing operative time for surgeons and most importantly, improving patient outcomes,” Chrysa Mineo further added.
Dan Bradbury said, “It’s not often that you see a Series A round of this size funded primarily by the physicians who will someday use the technology themselves. I saw this groundswell of physician participation and enthusiasm as a very strong signal of the value of the technology when evaluating the company.”