A biopharmaceutical company headquartered in Chapel Hill, North Carolina, has reportedly raised $28.05 million in an equity financing round involving investors Aurora Funds and New Enterprise Associates. Cardioxyl Pharmaceuticals, Inc. announced the funding round in a Securities and Exchange Commission filing. The company will evidently use the funds to advance its lead therapeutic, CXL-1020, through clinical development. The compound has reportedly been designed to treat acute decompensated heart failure, a condition responsible for more hospitalizations among adults 65 and older than any other. The condition, said to affect some 5 million people, can apparently cause reduced cardiac function and result in fluid accumulation in the lungs and extreme shortness of breath. CXL-1020, which the company describes as “a novel, proprietary nitroxyl donor,” aims to improve heart muscle contractions and also widen blood vessels to increase blood flow without increasing heart rate. See MedCity News, November 7, 2012.
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Investors provide $28.05 million for CVD drug development
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