South 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).
Greenville-based Zylö Therapeutics is utilizing regional chemical/mechanical engineering in new ways see more
Once home to a thriving textile industry replete with chemical and mechanical engineers working to improve the soil and machinery converting raw cotton into commercial goods, upstate South Carolina may be on the precipice of its next industrial revolution: medtech.
Born from technology developed at the Albert Einstein College of Medicine, Greenville-based Zylö Therapeutics is utilizing the regional chemical/mechanical engineering expertise and support network to improve drug and nitric oxide delivery through a proprietary sustained delivery system called Nanopods.
Zylö Therapeutics is locating new operations in Greenville County, SC. see more
GREENVILLE, S.C. – Zylö Therapeutics, a developer of state-of-the-art technology for the pharmaceutical industry, is locating new operations in Greenville County. The company is expected to create 30 new jobs.
Zylö Therapeutics has developed an innovative sustained-release drug-delivery system that delivers traditionally hard-to-deliver therapeutic agents through topical administration. With more than 10 years of research and development, the second generation of this technology continues to improve, providing 24-hour sustained release of a variety of agents, including nitric oxide, curcumin, lidocaine and more.
Zylö Therapeutics is headquartered at the NEXT on Main facility at 101 North Main Street in Greenville, S.C. NEXT is a program of the Greenville Chamber of Commerce that currently supports more than 100 knowledge-based companies in Upstate South Carolina.
Zylö Therapeutics’ operations will soon include a lab facility, where formulation and product development work will be performed. Those interested in joining the Zylö Therapeutics team should visit www.zylotherapeutics.com for more information.
“With the bulk of our scientists and advisors located in the Northeast corridor, we considered a variety of alternative locations, but Greenville represents a wonderful balance of small-town feel, sophistication, high growth and vibrancy. In addition, the city offers a wealth of start-up resources that will assuredly work to our advantage over time.” – Zylö Therapeutics CEO Scott Pancoast
“To see a company like Zylö Therapeutics choose to invest in our state and our people is an important sign to the business community around the world that South Carolina is the place to be. We’ve worked hard to create a pro-business environment and cultivate a highly-trained workforce, and those efforts continue to pay off.” –Gov. Henry McMaster
“The success of South Carolina’s booming life sciences industry continues to impress, and I congratulate Zylö Therapeutics on today’s tremendous announcement. Over the last two decades, we’ve seen a major transformation in South Carolina’s economy, and innovative companies like Zylö Therapeutics are responsible for it.” –Secretary of Commerce Bobby Hitt
“Greenville County encourages growth in the bioscience sector of our economy. We are proud to welcome Zylö Therapeutics to Greenville as part of our vibrant bioscience community that is pioneering state-of-the-art technologies at the forefront of modern medicine. We wish great success for Zylö Therapeutics.” –Greenville County Council Chairman H.G. “Butch” Kirven Jr.
“Greenville has become increasingly attractive to industry leaders in next-generation medical care, as innovative companies like Zylö Therapeutics seek environments that can help connect resources, support emerging technologies and supply a dedicated workforce. The City of Greenville is thrilled to welcome Zylö to our vibrant downtown and we look forward to being a part of their company’s growth.” –City of Greenville Mayor Knox White
“We are excited to welcome Zylö Therapeutics as the newest member of NEXT and the Greenville startup community. This high-impact, knowledge-based company further strengthens the more-than-150 companies within this vibrant, entrepreneurial ecosystem.” –NEXT CEO John Moore
FIVE FAST FACTS
- Zylö Therapeutics is locating new operations in Greenville County.
- The start-up is projected to create 30 new jobs.
- Zylö Therapeutics is a developer of patented, state-of-the-art technology for the pharmaceutical industry.
- Headquartered in Suite 315 at 101 North Main Street in Greenville, S.C., the company’s operations will include a laboratory facility focused on formulation and product development.
- Those interested in joining the Zylö Therapeutics team should visit www.zylotherapeutics.com for more information.