Milwaukee-based BrightStar Wisconsin Foundation Inc. has invested $150,000 in two startups with Medical College of Wisconsin ties.
Cmxtwenty is a pharmaceutical company developing a non-narcotic treatment for pain. The BrightStar investment is part of a larger funding round, the amount of which Cmxtwenty chief executive officer Lane Brodstrom declined to disclose. This is the company’s fifth funding round, he said.
“To date, we’ve raised more than $13 million, and it’s all been from angels,” Brodstrom said.
This new funding will be used to complete the current clinical study, expected to conclude in June, and begin business development. The clinical study is validating the intravenous formation of Cmxtwenty’s drug, which it has already tested in oral form.
“The intravenous and oral have the same essential chemistry in it, but in terms of demonstrating the highest analgesic level, the intravenous product is it,” he said.
After the study is complete, Cmxtwenty, which has four employees, will begin its business development work.
“We’re going to be talking to a lot of pharmaceutical companies with the idea of licensing this product or trying to achieve some sort of an acquisition of our company,” Brodstrom said. “We believe this particular clinical study will provide enough interest to make that happen.”
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