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DesignMedix, Inc., a biotech startup that is manufacturing an anti-malarial drug, has closed a sizable funding round.
DesignMedix, which has ties to Portland State University, collected a second round of angel funding worth $1.5 million. It will use the funds to develop its pipeline of drugs that combat drug resistance, including malaria drugs and anti-bacterial drugs, Dr. Sandra Shotwell, the company’s president and COO, said in a statement.
DesignMedix has exclusive rights to four patents for malaria drug candidates. Malaria has mutated into drug-resistant forms that are widespread in Africa and Asia. About 600,000 children under the age of five die of malaria every year.
The company’s lab and office are housed in the PSU Business Accelerator. It recently secured a $3 million grant to test the drug in human clinical trials. This most recent investment will supplement the drug development program and allow expansion into other diseases.
Investors include Portland Seed Fund and members of Bellingham Angels, Oregon Angel Fund, Seraph Angel Network, Willamette Angel Conference, Keiretsu Angel Forum and Tacoma Angel Network.
Elizabeth Hayes covers health care for the Portland Business Journal.