Some details are emerging about a new company, Achelios Therapeutics,which is looking to raise $3 million in financing.
The startup is based in Chapel Hill.
“We recently filed documents regarding the raising of capital for Achelios which is a company that we have formed for the development of novel therapeutics for the treatment of migraine and peripheral pain,” said Crist Frangakis, who is the chief executive officer.
“We will have more to disclose as the programs move forward,” he added.
Frangakis declined to talk in any further detail about the company, saying the firm is “way too early in the process.”
The company said in an SEC filing on Tuesday that it has already closed on $1.86 million in equity funding.
Frangakis is a pharmaceutical industry veteran, having worked at Johnson & Johnson and Bayer.
Achelios is part of Exodos Life Sciences, a pharmaceutical development partnership based in Chapel Hill.
The group “focuses on adding value to exciting new product concepts by advancing them through preclinical and early clinical proof-of-concept,” it says on its website. “Exodos has adopted a semi-virtual model to control costs and advance projects by utilizing its experienced team and on-call external pharmaceutical experts and partners. This allows management to precisely tailor project needs with the right level of expertise and/or with key opinion leaders.”
Get the latest news alerts: Follow WRAL Tech Wire at Twitter.
