NEW YORK, Oct. 12, 2021 /PRNewswire/ -- Berkery Noyes Securities is pleased to announce it has been retained by Eliaz Therapeutics ("ETI"), developer of a groundbreaking, patent-protected therapeutic apheresis device (XGAL3®) that effectively removes Galectin-3 (GAL-3) from the blood plasma, as its financial advisor to assist the company in raising capital for the purposes of continued development and clinical trial advancement.
ETI's cost-effective, scalable technology is designed to selectively remove GAL-3 from blood plasma. In a significant number of acute and chronic progressive conditions, GAL-3 is an important mediator and key driver of organ inflammation and fibrosis. There is preclinical and clinical evidence that removing or inhibiting GAL-3 represents a potential treatment for many of these conditions that don't have an effective treatment today. ETI's initial focus is on Acute Kidney Injury (AKI). AKI has been labeled the deadliest disease that most people have never heard of. Annual AKI cases in the US are estimated to be at least 4,000,000, deaths at 500,000, and long-term health consequences for many patients who recover.
The XGAL3® therapeutic apheresis device is the early-mover for the treatment of AKI. ETI has demonstrated significant survival benefits in preclinical models and their prototype device has successfully removed GAL-3 from human blood plasma.
The XGAL3® seamlessly integrates with existing apheresis machines allowing for easy integration and scale with existing hospital equipment.
"It's a game-changer for hospital ICU's and designed to save millions of lives," said Dr. Isaac Eliaz, Founder and CSO of Eliaz Therapeutics. Andrew Levitch, CEO, added: "The series A financing will enable us to develop the device from a successful prototype to a full cGMP device, complete our preclinical safety study and conduct human clinical trials."
"Berkery Noyes is excited to be advising ETI in the next phase of their growth. There is a clear and unmet need in the AKI market, which we feel ETI is best positioned to succeed." said Steven Quinn, Managing Director for Berkery Noyes Securities.
The information provided in this press release does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities.
SOURCE Berkery, Noyes & Co.