Nitric BioTheraputics is a biopharmaceutical and medical device company developing iontophoresis-based drug-delivery therapies for onychomycosis (nail fungus) and nongenital warts. The company is conducting Phase 2 clinical trials of its iontophoresis platform and is raising $1 million to fund those trials, according to CEO Frank McCaney. Iontophoresis uses electric currents to improve delivery through skin and nails, enabling high concentrations in a single dose and a pain-free application, the company says. Nitric BioTherapeutics is also developing a nitric oxide therapy to treat tinea pedis (fungal infections between digits) and skin and soft tissue infections, and notes that achieving correct nitric oxide concentrations is a significant challenge. The company filed a Form D with the U.S. Securities and Exchange Commission dated Nov. 29 related to the current fundraising. Backers include New Spring Ventures, Quaker BioVentures and CareFusion (a Cardinal Health spinoff). The company is based in Bristol, Pennsylvania and last year raised $1.7 million of an ongoing round projected to reach $20 million; it had previously raised $1.7 million in 2009. Nitric BioTherapeutics is developing treatments for onychomycosis (nail fungal infections) and athlete’s foot, using an iontophoresis delivery platform and topical nitric oxide gas–based therapies. The company plans to use the new capital to fund a Phase 2 onychomycosis trial, which CEO Frank McCaney expected to complete by mid‑2011. An athlete’s foot program recently completed Phase 2 testing. Nitric Bio purchased the related IP last year from Transport Pharmaceuticals. The company has six full‑time employees. To date the company has raised about $16 million since 2006.

Total raised

$3M

Funding rounds

2

Latest round

Equity

Latest activity

Nov 2011