Annapolis-based Alphyn Biologics, a clinical-stage dermatology company developing multi-target therapeutics, announced Thursday it has closed a Series A financing round of approximately $3.3 million.
The over-subscribed round was led by Queen City Angels, with participation from the Angel Physicians Fund and Serial Stage Venture Partners.
Alphyn has raised approximately $6.7 million to date, including a seed round of more than $1 million, and a second round of more than $2 million. Participants in previous rounds include family office investment funds, a corporate fund, and professional high-net-worth investors.
The Series A financing will support the Phase2a clinical trial of AB-101a, Alphyn’s lead candidate for the treatment of mild-to-moderate atopic dermatitis (AD), the most common form of eczema. AB-101a is anticipated to be the first AD treatment with the unique ability to target the disease’s bacterial and immune system components. It has the potential to treat both infected and non-infected AD effectively and is being studied for use in pediatrics, starting at age two, as well as in adult populations.
AB-101a, a non-steroidal, is in development to treat the inflammation, itch and uniquely the bacterial causes commonly associated with AD, including infection. AB-101a targets common bacteria such as Staph and highly drug-resistant methicillin-resistant Staph (MRSA) that worsen AD and prevent its healing. These attributes, combined with its expected strong safety and very low side-effect profile, could make AB-101a the ‘drug of choice’ for physicians and patients. As a “4-in-1” solution, AB-101a would enable AD to be treated with a single therapeutic rather than multiple drugs. Significantly, AB-101a’s strong safety profile has allowed Alphyn to move directly into Phase 2a clinical trials shortening the approval process and saving the company millions of dollars.
Alphyn also has offices in Cincinnati as well as a wholly owned subsidiary in Australia. The company became operational in 2020 and has raised approximately $6.7 million.