A Research Triangle Park company that secured a $150,000 loan from the Biotechnology Center four years ago has now received $26.5 million in commitments from a group of venture capitalists.
Oriel Therapeutics will use the money to continue development of medication used in its multidose inhaler, according to published reports. The bulk of the money will cover product commercialization costs and the rest will cover the conversion of some existing debt and payment.
The move also brings a change to the company's leadership. New York-based venture capital firm New Leaf Ventures led the round and James Niedel, the company's managing director, will become the Oriel Therapeutics chairman.
The six-year-old Oriel Therapeutics was spun from technology developed at the University of North Carolina at Chapel Hill. The Biotechnology Center awarded a $150,000 loan to Oriel Therapeutics officials to support clinical evaluation of their inhaler technology.