Bexson Biomedical Raises $4.8 Million In Oversubscribed Series A
Bexson Biomedical, Inc., a research-stage company developing a subcutaneous ketamine treatment platform for pain management and mental health disorders, announced today that they closed a $4.8 million Series A round of financing. Funding will support the company through pre-clinical and GMP manufacturing scale up for its proprietary ketamine formulation, BB106, and the development of a wearable delivery device with leading medical device manufacturer, Stevanato Group.
In September, Bexson signed an agreement with Stevanato to produce a customized version of the SG EZ-be Pod®, a small, wearable, and programmable device. The device is designed to enable dynamic and convenient subcutaneous delivery for patients, compared to current ketamine infusions that have a high procedural burden and high cost.
Bexson will also be developing new compounds targeting the NMDA receptor, similar to ketamine, for pain management and CNS disorders. The Company has assembled a uniquely talented team with deep knowledge of NMDA receptor chemistry.
"Our investor partners recognize the valuable market opportunity, and the social benefit an effective non-opioid therapy will offer. Tens of thousands of lives are lost to the opioid epidemic every year," said Gregg Peterson, co-founder and CEO, Bexson Biomedical. "With a viable, FDA-approved alternative to opioid-based pain meds, we could finally move the needle on addiction, as well as the wider economic impact of the opioid crisis."
Bexson`s Series A was led by Noetic Psychedelic Fund, a group that has been early investors in many psychedelic industry leaders.
Michael Franks, a Managing Partner at Noetic said: "We are very excited to support the entire Bexson team given their best-in-class delivery technology operating in a massive addressable global market. The Company has a multi-opportunity solution set, and offers an outsized commercial opportunity."
Noetic`s Warren Wright will also join Bexson`s Board of Directors. Wright will support Bexson in expanding its research programs to facilitate dosing and delivery technology for a variety of promising therapies beyond ketamine.
Bexson Biomedical, Inc. is a research stage company developing a ketamine-based combination product platform for a wide variety of pain management and mental health disorders. The company`s lead indication for its BB106 therapy is post-operative pain. Pain following surgery is a $12 billion market and a leading cause of opioid abuse and addiction. Their technology will allow for steady-state plasma levels, which are currently only achieved by intravenous delivery in the clinic or hospital.