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Proceeds Will Support Pre-clinical Development and Clinical Advancement of its Lead Candidate, CX-011, for the Treatment of Mild to Moderate Knee Osteoarthritis
LOS ANGELES, April 11, 2022 /PRNewswire/ — CarthroniX, Inc., a California-based startup developing novel small molecule modulators of the cell surface receptor gp130, today announced the completion of a $2.25 million convertible note offering. Pacira BioSciences, Inc. led the financing and was joined by existing investors. The company intends to use the financing to support the final stages of pre-clinical development of CX-011, a first-in-class small molecule injectable therapeutic designed to halt or reverse the progression of mild-to-moderate knee osteoarthritis (OA). The investor consortium has the option to make an equal investment based on the achievement of regulatory milestones.
"We are excited to work with CarthroniX as they share our commitment to offering non-opioid pain relief and improving the continuum of care for patients affected by osteoarthritis," said Ron Ellis, DO, senior vice president of corporate strategy and business development at Pacira BioSciences. "More importantly, this investment advances our mission to provide innovative non-opioid solutions to manage joint pain and potentially address the root cause."
CX-011 is a small molecule modulator of gp130, the …
Full story available on Benzinga.com
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