Capital will be used to further develop the Company's proprietary ketamine therapies and a wearable device for delivery of controlled substances
SANTA BARBARA, Calif., Feb. 2, 2021 /PRNewswire/ -- Bexson Biomedical, Inc., a research-stage company developing a subcutaneous ketamine treatment platform for pain management and mental health disorders, announced today that they closed a $4.8 million Series A round of financing. Funding will support the company through pre-clinical and GMP manufacturing scale up for its proprietary ketamine formulation, BB106, and the development of a wearable delivery device with leading medical device manufacturer, Stevanato Group.
In September, Bexson signed an agreement with Stevanato to produce a customized version of the SG EZ-be Pod®, a small, wearable, and programmable device. The device is designed to enable dynamic and convenient subcutaneous delivery for patients, compared to current ketamine infusions that have a high procedural burden and high cost.
Bexson will also be developing new compounds targeting the NMDA receptor, similar to ketamine, for pain management and CNS disorders. The Company has assembled a uniquely talented team with deep knowledge of NMDA receptor chemistry.
"Our investor partners recognize the valuable market opportunity, and the social benefit an effective non-opioid therapy will offer. Tens of thousands of lives are lost to the opioid epidemic every year," said Gregg Peterson, co-founder and CEO, Bexson Biomedical. "With a viable, FDA-approved alternative to opioid-based pain meds, we could finally move the needle on addiction, as well as the wider economic impact of the opioid crisis."
Bexson's Series A was led by Noetic Psychedelic Fund, a group that has been early investors in many psychedelic industry leaders.
Michael Franks, a Managing Partner at Noetic said: "We are very excited to support the entire Bexson team given their best-in-class delivery technology operating in a massive addressable global market. The Company has a multi-opportunity solution set, and offers an outsized commercial opportunity."
Noetic's Warren Wright will also join Bexson's Board of Directors. Wright will support Bexson in expanding its research programs to facilitate dosing and delivery technology for a variety of promising therapies beyond ketamine.
Bexson Biomedical, Inc. is a research stage company developing a ketamine-based combination product platform for a wide variety of pain management and mental health disorders. The company's lead indication for its BB106 therapy is post-operative pain. Pain following surgery is a $12 billion market and a leading cause of opioid abuse and addiction. Their technology will allow for steady-state plasma levels, which are currently only achieved by intravenous delivery in the clinic or hospital. Visit at: www.bexsonbiomedical.com.
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SOURCE Bexson Biomedical