Phrixus Pharmaceuticals has entered its capitalization phase. Recently awarded funding through
Ann Arbor SPARK from the Michigan Pre-Seed Capitalization fund, the company was boosted towards its goal.
Bruce Markham, the firm's chief scientific officer and vice president for development, hopes to raise enough money to begin clinical trials next summer for the therapeutic drug for heart failure being developed by Phrixus.
Development of the drug was inspired by research at the University of Michigan on heart failure induced by muscular dystrophy. Phrixus views the drug's current application as valuable but has expanded its scope to include heart attacks in people not necessarily suffering from MD.
The drug acts as a "molecular band-aid" to diseased hearts, explains Markham, formerly a research fellow at Pfizer. It is injected into the blood stream where it attaches itself to and strengthens damaged or weakened membrane.
Once clinical trials get underway, it will be 3 to 4 years before the drug is ready for the commercial market.
Phrixus currently has three employees, but clinical trials will require 20 to 30 more, estimates Markham. He is currently negotiating with a candidate for the position of chief medical officer and vice president of clinical development.
Source: Bruce Markham, Phrixus
Writer: Kelli B. Kavanaugh
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