$10 million to take UCL wound care innovations to market
17 October 2006
A wound care technology company founded by Dr David Becker (UCL Anatomy & Developmental Biology) and Dr Colin Green from the University of Auckland has announced financing of $10 million from an American investment group.
CoDa Therapeutics Inc, based in San Diego, California, and its parent company CoDa Therapeutics (NZ) Ltd, in New Zealand, were founded to develop and commercialise wound care technology developed during an international collaboration between Dr Becker and Dr Green. James Jervis, CoDa's chairman, said: "After six years of university-based research and significant safety and efficiency data in fourteen different animal models, [our] lead compound is ready for preclinical and clinical testing. This financing will allow CoDa to aggressively push its clinical development plans forward."
CoDa's technology includes the lead compound Nexagon™, which acts to downregulate the proteins that facilitate cell-cell communication after an injury. Preclinical studies have shown that a single topical application of the compound reduces swelling, inflammation, scarring and the time to wound closure in a variety of tissue types including the eye, skin, spinal cord and brain.
The finance has been agreed with Domain Associates, based in Princeton, New Jersey and San Diego, California. James C Blair, speaking for the investment group, said: "With a patented technology and management expertise to successfully develop and commercialise products in a number of broad wound care market indications, CoDa is well positioned to become a significant therapeutics company."