SALT LAKE CITY–(BUSINESS WIRE)–Phoenix PharmaLabs, a privately held, preclinical drug company dedicated to developing potent, non-addictive treatments for pain and opioid and cocaine addictions, announced it has launched its second offering campaign on the Netcapital platform: https://netcapital.com/companies/phoenix.
Proceeds from this campaign will further support the development of the company’s lead drug, PPL-103, a non-addictive opioid for acute pain, and help fund the additional development of a second non-addictive compound, PPL-138, targeting chronic pain. Both drugs are expected to enter Phase I clinical trials in 2021.
Phoenix PharmaLabs raised more than one million dollars in 2019 through an oversubscribed offering via the Netcapital platform, with hundreds of investors participating in the opportunity. Proceeds of that offering, along with approximately $3 million in grant funding from the U.S. Army Medical Research and Material Command and the NIH/National Institute for Drug Abuse, have been used to conduct various preclinical studies, including NHP (non-human primate) studies at Wake Forest University, as well as manufacturing scale-up of PPL-103. Those trials had been expected to commence late this year, but the COVID-19 pandemic has delayed them until next year.
Bill Crossman, CEO of Phoenix PharmaLabs, said, “The need for effective treatment of moderate-to-severe pain without risk of addiction or overdose continues to be unmet. Although it is not commanding the same attention that it did prior to the pandemic, the opioid crisis has not lessened at all. Rather, it seems to be escalating during the COVID-19 emergency with approximately 50,000 deaths from opioid overdose reported in the past year.
“Our drugs have the potential to significantly reduce opioid addiction because all our preclinical work indicates that they treat pain without causing the euphoric ‘high’ that leads to addiction and other side-effects that are found in all other opioids. Additionally, our research has demonstrated that our two drugs have potential to treat those who are already addicted to opioids or cocaine.”
Crossman said the company’s previous offering via the Netcapital platform was extremely successful. “We were oversubscribed, and our investors have been asking us for some time how they can make additional investments in the company. These requests have come from both accredited and unaccredited investors, so we are pleased to afford all investors this opportunity to participate in our mission to provide potent pain relief without the devastation of addiction.”
About Netcapital Inc.:
Netcapital Inc. is a publicly traded fintech company dedicated to democratizing private capital markets and empowering entrepreneurs to succeed. We help companies at all stages to build, grow and fund their businesses with a full range of services from strategic advice to raising capital. Netcapital.com’s online private investment platform employs powerful and scalable technology that connects entrepreneurs and investors, enabling companies to raise capital digitally. The company offers investor access to pre-IPO investment opportunities as well as potential liquidity in privately held shares via a Secondary Transfer Platform, provided by Netcapital Systems. Netcapital Advisors, our team of professional investors and digital marketing experts, offers deep expertise across a range of verticals including biotechnology, technology and public policy. Netcapital Advisors has a strong track record of facilitating successful fundraising campaigns by leveraging its unique experience in digital capital raises as well as its extensive network of institutional and accredited investors. The company also acts as an incubator and accelerator, taking equity stakes in select disruptive start-ups. To learn more about how Netcapital Inc. can help your business please visit our website at https://NetcapitalInc.com.
The Netcapital funding portal is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. For more information, please visit https://netcapital.com.
About Phoenix PharmaLabs:
Phoenix PharmaLabs (www.phoenixpharmalabs.com) is a preclinical drug discovery company focused on the development and commercialization of new potent, non-addictive treatments for acute and chronic pain and new therapies for the treatment of addictions. Connect with us on Facebook, Twitter, and LinkedIn.
