NephroGenex Closes on $3.3M in New Financing

Cary, N.C. — NephroGenex, a biotechnology company focused on combating kidney disease, has secured $3.3 million in new financing.

The funding was reported Friday by Private Equity Wire.

NephroGenex is seeking to raise an “A” round of $26.8 million. Investors include Care Capital, Durham-based BioStratum and Vanderbilt University, PE Wire reported.

NephroGenex raised $500,000 in seed financing in 2004.

The company’s co-founders, J. Wesley Fox and Raja Khalifah, were executives at BioStratum before launching NephroGenex. Fox is chief executive officer and Khalifah is vice president of research.

In 2006, NeoproGeneix licensed from BioStratum its lead product called Pyridorin, a potential treatment for diabetic nephropathy. BioStratum raised some $100 million and advanced the product through Phase II clinical trials.

The company wants to conduct further trials to determine Pyridorin’s effectiveness in reducing the severity of acute renal failure (ARF), and decreasing the mortality rate of acute renal failure patients.

Vanderbilt University has also granted licensing rights to NephroGenex for possible use as a treatment of acute renal failure.

The Food and Drug Administration has granted “fast track” status to Pyridorin.

NeprhoGenex also licensed other compounds from BioStratum.