WINSTON-SALEM, N.C., July 5, 2022 /PRNewswire/ -- Plakous Therapeutics, Inc. today announced it is has received more than $300,000 in funding from the North Carolina Biotechnology Center (NCBiotech). The funding will support ongoing development and marketing of Protego-PD™, the regenerative medicine company's first product.
Plakous received the funding through two NCBiotech programs. Plakous was named the winner of NCBiotech's BIONEER Venture Challenge. Throughout the months-long competition, the company received $60,000. Earlier last month, NCBiotech awarded Plakous a Small Business Research Loan of $250,000 after several months of rigorous due diligence.
"We are grateful to NCBiotech for its mentorship and confidence in our research and development," said Plakous CEO Robert Boyce. "Their loans and grants will complement our currently open $4M seed round to support efforts related to our upcoming Investigational New Drug filing for Protego-PD™, our orally delivered acellular biotherapeutic for necrotizing enterocolitis (NEC)."
Plakous' success underscores the strong life sciences community in the state.
"It is exciting and encouraging when research and therapies advance toward commercialization," said Nancy Johnston, NCBiotech executive director for the Piedmont Triad office. "Not only does this attract additional investments, but it also demonstrates the diversity of discovery and solutions underway in the Piedmont Triad."
NEC is a devastating disease with a 30% mortality rate. NEC affects premature infants with very low birthweight (those born weighing less than three pounds) and is caused by inflammation and lack of development of the intestine. Managing NEC consumes 20% of NICU expenditures annually. Plakous seeks to prevent NEC by accelerating intestinal maturation of premature infants with Protego-PD™.
About Plakous Therapeutics, Inc.
Plakous Therapeutics is a biotherapeutic company dedicated to researching and developing placenta derived regenerative therapies to improve patient outcomes and reduce health care costs. For more information, please visit the company's website at plakoustherapeutics.com.
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SOURCE Plakous Therapeutics, Inc.