04 Oct ConjuGon lands $1 million angel investment
Madison, Wis. — Medical research group ConjuGon announced on Tuesday that they have successfully secured an investment of $1.1 million dollars from angel investors, including the firm Wisconsin Investment Partners. The new funds will be directed to the firm’s operating costs, as well as financing animal testing of biotheraputic treatments.
ConjuGon develops remedies for bacterial infections that have become resistent to standard drugs.
“In general, the funds are to test our therapeutic capabilities,” said Sal Braico, chief operating officer of ConjuGon.
ConjuGon has been enjoying a string of success in obtaining funding. Its total raised capital has now reached $2.8 million, the company said. In July the company was awarded a phase II small-business innovation research (SBIR) grant from the National Science Foundation to continue work on antibacterial treatments, and it has made an additional $700,000 from angel investors.
The company previously received $290,000 in economic development loans from the Madison Development Corporation and the Wisconsin Department of Commerce.
Braico credited this string of successes to the skills of Christopher Price, who recently joined the staff of ConjuGon as CEO, as well as improvements to their core technology for antibacterial treatment.
“We have made a lot of progress to date,” he said. “That combination of technical prowess with experienced management has helped a lot so far.”
Les Chappell is a staff writer for WTN and can be reached at firstname.lastname@example.org.