Arcturus Therapeutics Raises $1.3 Million in Series Seed Funding Financing from High Net-Worth Private Investors to Fuel RNAi Delivery Technologies for the Treatment of Disease
SAN DIEGO, June 3, 2013 /PRNewswire/ -- Arcturus Therapeutics, Inc., an industry leader in RNAi technologies for the treatment of disease, today announced it has raised $1.3 million in a seed funding round led by multiple high net-worth private investors from the United States and Canada.
Arcturus Therapeutics, a San Diego-based company focused on the discovery and development of therapeutic modalities, was founded in 2013 to pursue RNA interference (RNAi) solutions for rare diseases for which there is no adequate treatment.
"Researchers have made great strides in recent years in diagnosing, treating and even preventing a variety of rare diseases. Still, much more remains to be done because there are no treatments for the vast majority of rare diseases which affect an estimated 25 million to 30 million Americans," said Joseph E. Payne, president and CEO, Arcturus. "Arcturus is poised to contribute significant disruptive and promising treatments for rare diseases, contributing to improved quality of life and betterment of society."
Arcturus' recent round of funding underscores the significant potential represented by the RNAi market and its role in the development of innovative pharmaceutical therapies. According to a New Report by Global Industry Analysts, Inc., the global RNA interference (RNAi) market is expected to reach $4.04 billion by 2017.
The new round of funding will support the purchase of capital equipment and further development of Arcturus' intellectual property of RNAi delivery technologies, along with RNAi target selection, design and in vitro proof of concept studies.
Arcturus Therapeutics was founded by Joseph Payne and Pad Chivukula, pharmaceutical scientists and experts in nanoparticle delivery technology and who have previously executed a preclinical development project through IND filing for a novel RNAi therapeutic to treat fibrosis. The Arcturus founders have substantial experience delivering multiple drug products for reputable companies, such as DuPont Pharmaceuticals, Merck, Bristol-Myers Squibb, Kalypsys and Nitto Denko.
Arcturus Therapeutics is located in San Diego-based Janssen Labs – where disruptive research is underway by some of today's leading scientists and up-and-coming technologists who are working side-by-side to develop pioneering medical treatments. Recently, Arcturus announced new appointments to its Board of Directors and Scientific Advisory Board.
About Arcturus Therapeutics, Inc.
Founded in 2013 and based in San Diego, Calif., Arcturus Therapeutics is poised to become an industry leader in the application of RNAi technologies for the treatment of disease and improved quality of life. The company's aim is to develop breakthrough technology and novel therapeutics for rare diseases for which there is no adequate treatment. Backed by a management team with extensive experience in the discovery and development of therapeutic modalities, Arcturus is on the forefront of research and development of nanoparticle siRNA drug delivery systems. For more information, visit us at www.ArcturusRx.com.
SOURCE Arcturus Therapeutics, Inc.