RTP startup targeting stroke treatment raises $1.9M, wants another $5M

Date Published:

RESEARCH TRIANGLE PARK – Life science startup Basking Biosciences, which is developing what it believes will be a reversible anti-thrombotic therapeutic to treat ischemic stroke, has closed on $1.9 million in financing and is seeking more.

According to an SEC filing, Basking hopes to raise $7 million.

So far, six investors have signed on.

The company launched in 2019 and is led by veteran life sciences executive Richard Shea, who signed the filing.

Here’s what Shea has to say about Basking at his LinkedIn site:

“Basking Biosciences is developing the only reversible anti-thrombotic therapeutic to treat ischemic stroke. Founded based on IP licensed from Duke and Ohio State Universities, DTRI-031, Basking’s lead compound, leverages the proven aptamer technology platform developed in founder Bruce Sullenger’s lab at Duke to create a highly specific inhibitor of Von Willebrand Factor (VWF) and a paired reversal agent. This paired therapy enables rapid reversibility of DTRI-031’s effect and mitigates the bleeding risk that has limited the adoption of tPA as a thrombolytic in ischemic stroke and derailed many other development programs. VWF’s central role in both clot formation, stabilization and remodeling make it a very attractive target for anti-thrombotic intervention.

“Stroke is the second leading cause of death globally and a leading cause of serious long-term disability. Despite its impact, it remains under-treated with only approximately 15% of patients (U.S.) receiving an active intervention to rapidly and safely restore blood flow to the brain and limit neurological damage.

“DTRI-031 is currently being evaluated in GLP toxicology studies and IND filing is planned in the first half of 2020. In addition to DTRI-031, Basking controls IP for paired aptamer technology focused on several other hemostasis targets and blocking IP limiting the ability of others to develop aptamers with paired reversal agents. Basking Biosciences is raising an $18M Series A round to advance the DTRI-031 program to Phase 2 ready status.”

Original Article Source: WRAL TechWire