Par Nijhawan, MD Makes $5.0 Million Strategic Investment in Edesa Biotech, Inc.
10/31/24, 12:57 PM
Location
markhamMoney
$5 million
Industry
biotechnology
Type
partnership
Edesa Biotech, Inc. has announced a purchase agreement with an entity affiliated with Par Nijhawan, MD, the company's Chief Executive Officer and Founder, for a strategic investment of up to $5.0 million, including an immediate investment of approximately $1.5 million. The investment is in the form of purchasing shares of the company’s Series A-1 Convertible Preferred Shares and warrants to purchase the company’s common shares.
Company Info
Location
100 spy court
markham, ontario, canada
Additional Info
Edesa Biotech, Inc. (Nasdaq: EDSA) is a clinical-stage biopharmaceutical company developing innovative ways to treat inflammatory and immune-related diseases. Our most advanced drug candidate is EB05 (paridiprubart), a monoclonal antibody developed for acute and chronic disease indications that involve dysregulated innate immune responses. Edesa is currently evaluating EB05 in a Phase 3 study as a potential treatment for Acute Respiratory Distress Syndrome (ARDS), a life-threatening form of respiratory failure. In addition, Edesa is developing an sPLA2 inhibitor, EB01, as a topical treatment for chronic Allergic Contact Dermatitis (ACD), a common occupational skin condition. The company has also received regulatory approval to conduct a Phase 2 trial its EB06 monoclonal antibody as a treatment for vitiligo, a life-altering autoimmune disease that causes skin to lose its color in patches. We also are planning a future Phase 2 study of paridiprubart for systemic sclerosis (scleroderma), an autoimmune rheumatic disorder that causes fibrosis (scarring/hardening) of skin and internal organs.