Spiral Therapeutics Locks Series A, Closes $5.6 Million in Total
Brisbane-based Spiral Therapeutics, a clinical stage pharmaceutical company that delivers therapies for hearing loss and other ear disorder, has announced its second closing of its $5.6 million series A funding. Sunghwan Choi and Inveready are the new investors participating in the second closing, who joined the initial investors syndicate led by Savoir Capital and Camden Partners.
Sunghwan Choi, VP of Strategy planning, SK Networks, states, ?I value the science that Spiral is developing for the treatment of hearing loss, a disorder that has been highly dismissed until recently. We look forward to helping Spiral translate its science into valuable therapies for the many patients suffering from hearing loss?. Sunghwan is an entrepreneur?and Angel investor, who invests actively in the early stage startups at global scale that have stellar business model and excellent team who try and resolve existing difficulties at their respective market.
Sara Secall, Investment Director at Inveready, says, ?What attracted us to Spiral is the quality of the management team and advisors, as well as the focus on a neglected therapeutic area with great potential.?
Hugo Peris, Founder & CEO of Spiral Therapeutics, says, ?We are pleased to add these key, international investors to an already strong syndicate of Series A investors, We have achieved a number of significant milestones in the first half of 2019, including the advancement of the Phase 1 trial for our lead candidate, LPT99. This additional funding will support our ongoing clinical development in hearing loss, as well as the advancement of discovery programs from our platform.?
Launched in 2016, Spiral is a clinical stage pharmaceutical company that provides novel therapies for hearing loss through the use of proprietary therapeutics and drug delivery technologies. The company is building the pipeline of advance therapies for the huge unmet needs and no approved therapies.