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Maryland Inno: Baltimore pharmaceutical company raising $16M to combat autoimmune drug shortage
August 15, 2023
Baltimore pharmaceutical company Gliknik has raised $5.3 million of a planned $16 million funding round as it pushes toward clinical trials for two of its main autoimmune disease drugs.
CEO David Block plans to use the $5.3 million to fund the first phase of clinical trials for two drugs, GL-2045 and GL-0719, both of which will allow patients to take their medication at home rather than through IV infusions at medical centers. One of them, GL-2045, will also help combat a worldwide shortage of a key drug for treating autoimmune disorders. Gliknik plans to complete the rest of the $16.2 million convertible note, a form of debt that converts to equity, after the end of the year. The company is building off a $11.5 million series C fundraising round in 2021 led by First In Ventures.
The two drugs have completed several groups of studies to test their safety on healthy patients. Block plans to start phase two trials for the drugs in 2024 to test if the drugs are effective in treating the condition.The $5.3 million Gliknik raised already will give the company enough runway to survive for the rest of this year and get the company to the next round of trials, Block said.
Read the full story from Maryland Inno.