Funding Strategy
1.Preclinical Development
The Company has raised $2.2MM to date through grants and convertible debt instruments with angel investors. The Company anticipates that these sources will provide enough funding for the Company to complete preclinical development of at least 1 clinical candidate and 2 back-up compounds. The Company closed on a $500,000 round in convertible debt financing on March 31, 2007.
The Company aspires to file an IND in late 2008 or early 2009.
Grants: NeurOp has had exceptional success in accessing nondilutive funding through the National Institute of Neurological Diseases and Stroke (NINDS) a part of the National Institutes of Health. To date the Company has received three grants (total funds~$1.7MM) from NIH.
The Company intends to pursue additional NIH funding. The Company also believes that certain agencies within the US Department of Defense may be interested in helping to support development of NeurOp's compounds for traumatic brain injury.
Angel Financing: The Company closed on a $500,000.00 seed round of convertible debt financing on March 31, 2007. The Company is pursuing an additional $1.5MM in angel funding.
2.Clinical Development
The Company has identified attractive initial indications in both ischemia and neuropathic pain. The Company anticipates that about fifteen $12-15MM million dollars will be needed to bring a therapeutic candidate through a Phase 2 efficacy study for an initial indication. The Company anticipates accessing funds for its clinical development from institutional sources, pharma partners or a combination of both.
The Company is pursuing an additional $1.5MM in angel funding.
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