Portland State startup has secured the investment in a second round of angel funding.
DesignMedix, a biotech startup of Portland State University, has secured $1.5m in a second round of angel investment. The round included the Portland Seed Fund, as well as investors affiliated with Bellingham Angels, Oregon Angel Fund, Seraph Angel Network, Willamette Angel Conference, Keiretsu Angel Forum and Tacoma Angel Network.
The company only recently celebrated another funding success when it secured a grant worth almost $3m from the US National Institutes of Health. The money, awarded in April 2014, is being used to fund preclinical development of its anti-malaria drug.
Founded in 2008, DesignMedix’s lab and offices are both housed at Portland State University’s Business Accelerator. The company’s aim is to develop new drugs that would overcome drug-resistance, an increasing problem and threat to modern medicine. It is currently focusing on anti-malaria drugs, and holds an exclusive license to four issued patents relating to such drug candidates.
Malaria currently kills some 600,000 people each year, and affects up to 500 million.
Sandra Shotwell, president and chief operations officer at DesignMedix, said: “The funds will help to support further development of a pipeline of drugs that combat drug resistance, including malaria drugs and new anti-bacterial drugs. Drug resistance is a severe global health problem that is considered a significant threat to human health worldwide, according to the World Health Organisation and the Centres for Disease Control.”
