Dignify Therapeutics LLC, a drug development company focused on restoring bladder and bowel control to people with spinal injury, spina bifida, and other neurological conditions, today announced the completion of a $3.15 million equity financing. RA Capital Management, Eshelman Ventures LLC and Terry Engel, an angel investor, were participants in the round.
RESEARCH TRIANGLE PARK, NC (RTP) – February 4, 2015 – Dignify Therapeutics LLC, a drug development company focused on restoring bladder and bowel control to people with spinal injury, spina bifida, and other neurological conditions, today announced the completion of a $3.15 million equity financing. RA Capital Management, Eshelman Ventures LLC and Terry Engel, an angel investor, were participants in the round.
Dignify is developing novel pharmaceutical treatments for bladder and bowel dysfunction which will significantly improve the quality of life for individuals who rely on bladder catheters and bowel programs for voiding. Dignify Therapeutics is believed to be the only company developing pharmaceuticals to provide rapid, on-demand, drug-induced voiding as a therapeutic strategy.
“We are very appreciative of, and encouraged by the opportunity to partner with such leading and successful investors in the industry,” said Dignify CEO Benny Ward. “Our team has done a great job in achieving this significant milestone, and we look forward to continued execution in reaching our goal of improving the quality of life of patients with bladder and bowel dysfunction.”
The Company will use the funding to complete ongoing preclinical activities and the subsequent phase I clinical proof-of-concept study to be initiated later this year. Prior funding was from founders, a National Institutes of Health grant, and loans from the North Carolina Biotechnology Center.
Dignify CSO Karl Thor added, “These investors bring more than funding to Dignify’s development programs. They bring a bevy of knowledge and experience regarding drug development that is exemplified by an impressive record of success that is equaled by few in early-stage biotech startups.”
About RA Capital
RA Capital is a Boston-based crossover fund manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices and diagnostics.
About Eshelman Ventures LLC
Founded by Fred Eshelman, Eshelman Ventures is an investment company primarily interested in private healthcare companies. The fund invests in a variety of different ways, including angel investing in startups, “alongside” investing with venture capital funds, private equity funds (primary or secondary markets), academic spinouts, as well as investing in more established companies.
About Dignify Therapeutics LLC
Founded by a team of serial entrepreneurs who are internationally-recognized scientists and clinicians, Dignify Therapeutics’ mission is to provide safe, effective, practical and convenient, “on-demand” pharmaceutical agents to treat bladder and bowel voiding dysfunctions, using a repositioning strategy of drug discovery that the team has successfully implemented multiple times over the last 20 years in the fields of urology and gastroenterology. Funding to the Company was provided by the North Carolina Biotechnology Center, an entity primarily funded by the State of North Carolina. Dignify, a member of the Blackstone Entrepreneur Network, is located at the First Flight Venture Center in Research Triangle Park, North Carolina.