Meditrina Pharmaceuticals sets sights on additional funding and another 10-15 employees
Meditrina Pharmaceuticals is a few keys steps and a little bit of fundraising away from taking its new repurposed drug to market. But to get there, the Ann Arbor firm plans to about double its staff.
It’s like tending to your garden. A little bit of money at just the right time and Meditrina Pharmaceuticals will grow, sprouting jobs.
The Ann Arbor-based firm that specializes in repurposing drugs for specific women’s health issues is looking for a shot of Series A financing (venture capital) later this year so it can conduct a second clinical trial and expand it workforce to 10 to 15 people.
That would be big increase from the six people and 12 contractors the firm employs today. And today’s number are quite a jump from the when the company’s two founders (Thomas A Collet and Holly Vene) started the firm in 2006.
Meditrina’s bread and butter is an aromatase inhibitor in combination with estrogen and progestin for the treatment of endometriosis. Repurposing the drug would allow it to lower estrogen levels in younger women so it can used to help treat maladies like thyroid conditions.
After the second clinical trial is finished, Meditrina plans to raise more money so it can for FDA approval in 2011.
Source: Thomas A Collet, president, CEO and co-founder of Meditrina Pharmaceuticals
Writer: Jon Zemke
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