Privately held NeuBase Therapeutics Inc. has signed a $9 million financing agreement that will close prior to the completion of its merger with Ohr Pharmaceutical Inc.
Pittsburgh-based NeuBase said the funds will help advance its proprietary peptide-nucleic acid antisense oligonucleotide platform called PATrOL. The platform uses antisense technology and has the potential to treat rare genetic diseases. NeuBase is initially exploring its use in Huntington's disease, an inherited disease that causes the progressive breakdown of nerve cells in the brain, and myotonic dystrophy, an inherited condition characterized by progressive muscle wasting and weakness.
The financing will consist of $8.4 million in commitments to buy NeuBase common shares and conversion of $600,000 in convertible notes that were issued after the merger with Ohr was announced.
NeuBase said the oversubscribed financing includes institutional investors including Cyto Ventures, a life sciences-focused venture capital fund affiliated with NeuBase CEO and member of Ohr's board, Dietrich Stephan.