Rapamycin Holdings, a drug developer, Tuesday announced it has raised $2.5 million in a Series A round of funding from a group of San Antonio angel investors.
The San Antonio-based company, founded in 2012, plans to use the money to manufacture eRapaTM,a drug aimed at prolonging the life of pets. It also plans to spend money on regulatory filings.
“The Company is actively pursuing regulatory approval for the eRapaTM compound to address significant diseases in the companion animal market for which there are no treatments,” Rapamycin Holdings CEO Randy Goldsmith said in a news release. “We aspire to offer a solution that will improve the lives of pets and their owners, and offer hope for long-term survival of diseases where currently there is little hope of a positive outcome due to the limited treatment options available.”
The company has raised $5 million to date and plans a Series B financing later this year or early next year.