sam patrick posted an articleSouth Carolina's Zylö Therapeutics Closes $4 Million Financing round see more
GREENVILLE, SC: September 26, 2019: Zylö Therapeutics Inc., dedicated to developing a transformational topical delivery platform, announced that on September 21, 2019, it effected a closing of its Series A financing through the sale of $4 million of Series A preferred shares. Approximately $1.35 million of this total was invested prior to this year and was converted into Series A shares as part of this financing.
The remaining $2.65 million was newly invested capital, led by VentureSouth with investments totaling more than $1 million. VentureSouth, one of the largest early-stage investment groups in the country, has more than 300 private investors in 12 local chapters across the Southeast and has invested nearly $40 million in 67 companies. Other angel groups investing in this round include the New York Angels, Ariel Southeast Angel Partners (ASAP) out of Savannah, the Boston Harbor Angels, and the Chemical Angel Network.
SC Launch Inc., an affiliate of the South Carolina Resource Authority (SCRA)—a non-profit corporation chartered by the state that helps fuel South Carolina’s innovation economy—also participated in this round.
In addition, insiders and their affiliates/associates invested over $400,000, extending their total invested to over $1.5 million.
Proceeds from the funding will be used to further scale up the manufacturing process of the company’s Z-pod™ delivery particles and for general working-capital and business-development purposes, as Zylö aims to forge 21 partnerships by 2021.
“This funding enables us to secure additional partnerships similar to the one recently announced by HOTH Therapeutics, a biopharmaceutical company that has licensed from Zylö endocannabinoid-releasing Z-pods™ to treat lupus,” stated Scott Pancoast, Zylö CEO and Founder. “The additional capital also allows us to move ahead with a number of other initiatives such as the Lidocaine Patchless Patch™ as both an Rx and an Over-The-Counter drug product; a sustained-release topical CBD product, which has blockbuster potential; and a sustained-release nitric oxide cream for anti-aging, wound-healing, acne, nail fungus, and other applications.”
He continued, “We appreciate the confidence expressed by our new and existing investors in the potential of our underlying Z-pod™ technology and our leading product candidates.”
About Zylö Therapeutics:
Zylö has developed an innovative topical delivery system that extends the duration-of-effect, improves the solubility/targeting, and/or enhances the product performance of many therapeutic agents. Notably, the Z-pod™ technology platform has enabled the Patchless Patch™ concept and has successfully harnessed the therapeutic potential of nitric oxide, one of the most powerful—and short-lived—biomolecules produced by our bodies. For more details please visit our web site, www.zylotherapeutics.com and follow us on Twitter (@ZyloTherapies).
sam patrick posted an articleHOTH THERAPEUTICS SIGNS TERM SHEET WITH ZYLÖ THERAPEUTICS TO ACQUIRE A LICENSE AND JOINTLY DEVELOP A PRODUCT TO TREAT LUPUSSouth Carolina's Zylo Therapeutics partners with Hoth on lupus treatment see more
NEW YORK, May 14, 2019 /PRNewswire/ -- Hoth Therapeutics, Inc. (Nasdaq: HOTH) a biopharmaceutical company focused on unique targeted therapeutics for patients suffering from indications such as atopic dermatitis–also known as eczema–as well as dermatological and chronic wound disorders, today announced that the company has signed a term sheet with Zylö Therapeutics Inc (Zylö) to co-develop a new treatment for patients suffering from Cutaneous Lupus Erythematosus (CLE). CLE is a chronic autoimmune disease that affects the skin.
Zylö, dedicated to bringing innovative technologies to multiple facets of medicine, has an innovative sustained-release drug-delivery system that was developed by Joel Friedman MD PhD, Adam Friedman MD FAAD, and Andrew Draganski PhD. The delivery system uses patented xerogel-derived nanoparticles, called Z-pods™, to deliver—in a sustained and controlled manner—notoriously hard-to-deliver therapeutic agents through topical administration. For more information, please visit; http://www.zylotherapeutics.com/
Scientists at Einstein College of Medicine recently demonstrated that topical administration with AEA-loaded nanoparticles significantly prevents the development of CLE in an established animal model of lupus. This work reinforces and highlights the utility of targeting the endocannabinoid system for autoimmune rheumatic diseases.
The work at Einstein supports the thesis that AEA loaded into Z-pods™ improves drug skin penetration, reduces the expected inflammatory cytokine secretion by keratinocytes when exposed to ultraviolet radiation, prevents the development of CLE skin lesions, improves skin histopathology, prevents inflammation and structural damage on histology and reduces macrophages and C3 accumulation.
According to estimates by the Lupus Foundation of America (LFA), 1.5 Million Americans currently suffer from lupus, with 16,000 new cases reported annually. Tragically, lupus strikes mostly women of child-bearing age. Worldwide, the LFA estimates that at least five million people may have some form of the disease. Of the people diagnosed, approximately two-thirds will develop CLE. The annual average cost to provide medical treatment for a person with lupus: $6,000 to $10,000, with some treatment costing several thousand dollars a month.
"Management is extremely pleased to partner with Zylö Therapeutics, enhancing our portfolio of unique treatments for patients suffering from various dermatological related ailments," stated, Mr. Robb Knie, CEO of Hoth Therapeutics. "Zylö's initial work shows significant promise in combating Cutaneous Lupus Erythematosus, and we look forward to working with them in order to bring this treatment to market."
"We are thrilled to partner with Hoth, a company that is committed to innovative solutions and partnerships to develop treatments for diseases with a high unmet clinical need, such as lupus," said Scott Pancoast, CEO of Zylö. "As we work with the Hoth team to advance AEA-loaded Z-pods through the next stages of development, we expect to further demonstrate the important role that our patented Z-pod delivery system plays in improving treatment outcomes."
The term sheet is non-binding and neither party thereto shall have any obligation to consummate a transaction of any kind until such time as the parties have entered into a mutually agreeable definitive agreement. There can be no assurance that any such definitive agreement will be entered into or that the transaction will be completed on the terms set forth in the term sheet, or at all.
About Hoth Therapeutics, Inc.
Hoth Therapeutics, Inc., a Nevada corporation, is a biopharmaceutical company focused on unique targeted therapeutics for patients suffering from indications such as atopic dermatitis, also known as eczema. Hoth has exclusive worldwide rights to the BioLexa Platform.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements that relate to the advancement and development of the BioLexa Platform, the commencement of clinical trials, the availability of data from clinical trials and other information that is not historical information. When used herein, words such as "anticipate", "being", "will", "plan", "may", "continue", and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Hoth's current expectations and various assumptions. Hoth believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Hoth may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described under the caption "Risk Factors" in Hoth's Form 10K for the period ending December 31, 2018, and Hoth's other filings made with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as Hoth's current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. Hoth cannot guarantee future results, events, levels of activity, performance or achievements. Hoth does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by law.