Excell Partners was a leader in providing $500,000 in convertible debt financing to support operations and advance product development efforts for Traverse Biosciences, officials announced Wednesday.
Traverse Biosciences, headquartered in Stony Brook, Suffolk County, plans commercialize its proprietary library of chemically-modified curcumins for the treatment of chronic inflammatory conditions and cancers.
The seed financing was led by Rochester-based venture capital firm Excell, with matching funds from a number of individual accredited angel investors.
Excell administers the New York State Innovation Venture Capital Fund and Innovate NY Fund investment programs.
The Research Foundation for the State of New York also participated in the financing, as part of an exclusive license and option agreement executed last year that gave Traverse Biosciences access to the relevant intellectual property for use in animal and human health.
“This infusion of seed capital will not only accelerate development of our lead drug candidate, but it will also allow us to expand the company’s product development pipeline while beginning to explore new applications of our core technology,” said Joseph Scaduto, founder and CEO of Traverse Biosciences. “We are very grateful to Excell Partners for leading this financing, and we deeply appreciate the commitment and shared vision of the individual accredited investors that have chosen to participate in this round.”
Theresa Mazzullo, CEO of Excell Partners, said their investment team was impressed with the progress Traverse Biosciences has made toward achieving its stated strategic goals.
“We fully anticipate that Traverse Biosciences will continue to aggressively pursue technical and regulatory milestones that add commercial value to its product portfolio applicable to both animal and human health,” Mazzullo said.
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