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Print Edition StoriesFriday, September 4, 2009
BioAssets pulls in $3.76M for spinal treatment
By Mass High Tech staff
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BioAssets Development Corp. (BDC), a Wellesley-based developer of spinal disorder treatments, has raised $3.76 million in an equity offering, according to a regulatory filing.
BDC develops a tumor necrosis factor (TNF) alpha inhibitor that can be used to prevent nerve damage associated with spinal disorders. The company’s current lineup of inhibitors are already used to treat inflammatory reactions related to rheumatoid arthritis, psoriasis and Crohn’s Disease. On its website, BDC officials report that its drug treatments could be used as therapy for disk herniation patients.
The filing with the U.S. Securities and Exchange Commission did not offer names of BDC’s financial backers, and BDC officials were not available to comment at the time of writing.
BDC owns three U.S patents, with six more pending, and is looking for a commercialization partner, according to the company. The company reported receiving $5.4 million in seed financing in July of 2007. The funding was led by Medical Venture Fund of the Texas Back Institute.
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