'Cobiotics' firm secures $1.5m cash injection to support growth plans
The firm, which claims NM504 can help people maintain healthy blood sugar levels and a healthy weight by beneficially altering the balance of gut microflora, has closed a $1.5m Series A financing, said chief executive Dr Dean Stull.
“The Series A financing was led by existing investor BVM Capital with the participation of company insiders, and several new private investors also joined in the round.
“The company intends to use the funds to advance NM504 towards commercialization, including developing the initial format for its first consumer product, completing a pilot clinical trial and preparing for an initial direct-to-consumer launch.”
The clinical trial - featuring NM504 in a powdered drink mix formula - will be conducted at the Pennington Biomedical Research Center in Louisiana, he said.
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