MicroBiome could raise up to $3 million
Last Updated: 10:56 December 13, 2013
So far, the Broomfield-based drug research and development company has raised $1.265 million, since Saturday, Nov. 30, the date of the first sale, according to the regulatory filing.
In August, the company hired biotechnology industry veteran Steve Orndorff to be its chief executive and changed its name from NuMe Health LLC. Its lead product - NM504 - helps patients with diabetes achieve healthy blood glucose levels and manage their weight.
Orndorff previously was CEO of Broomfield-based Ariel Pharmaceuticals Inc., which is developing a drug to treat hemorrhagic shock, a medical condition involving insufficient blood supply. He also led the Colorado BioScience Association, an industry trade group based in Denver.
NM504 is being tested in a clinical trial to manage insulin sensitivity and blood glucose levels in patients with Type 2 diabetes. It also is being tested as a therapy to be used in connection with metformin, a drug that increases the body's response to insulin.
Microbiome research has grown rapidly in recent years. Microbiomes in the human body are believed to have an effect on auto-immune diseases such as diabetes, rheumatoid arthritis, muscular dystrophy and possibly some cancers.
MicroBiome Therapeutics also has a research office in New Orleans.
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