Durham’s Emergo Therapeutics lands $3.5M, seeks another $1.5M
DURHAM — Emergo Therapeutics, a biopharmaceutical startup founded by serial entrepreneur Moise Khayrallah, has raised roughly $3.5 million in equity, according to a recent securities filing.
Seventy seven investors contributed to the round, which is capped at around $5 million.
Proceeds will be used for working capital, the filing noted, “which may include normal compensation to executive officers.”
Emergo is developing a single drug candidate, norketotifen, for treating flu and flu-like illnesses. The compound works by modulating the immune system’s response to viral infection.
Khayrallah and Robin Hyde-DeRuyscher, Emergo’s co-founder and chief scientific officer, positioned the company for the venture round with the help of a $75,000 Company Inception Loan from the North Carolina Biotechnology Center in 2017.
It has since raised around $15 million to date, including this latest raise.
Original Article Source: WRAL TechWire