Aruna Bio, Inc., a leader in the development of neural exosomes for the treatment of neurodegenerative diseases, today announced the closing of a common stock financing totaling $10.8 million. Proceeds from the raise will support the company’s business plan through mid-2022.
“This capital will allow us to continue our efforts to deliver important therapeutics to the central nervous system using a novel approach to potentially treat a number of extremely debilitating neurodegenerative diseases,” stated Dr. Mark A. Sirgo, Chief Executive Officer. “We appreciate the support of our current shareholders as well as the new investors in this round who were responsible for two-thirds of this offering.”
Aruna Bio is developing its proprietary neural exosomes as both a therapeutic when used alone and as a delivery vehicle to reach the brain and central nervous system to treat a range of neurodegenerative diseases potentially including Parkinson’s Disease and Multiple Sclerosis as well as stroke. The company plans to submit its first Investigational New Drug (IND) application to the FDA late next year. Additionally, Aruna Bio is working with a number of top-tier pharmaceutical companies to explore both the therapeutic application of its neural exosomes as well as their ability to deliver other therapeutics to the otherwise difficult to reach brain and central nervous system.
Source – GlobeNewsWire