JUPITER, Fla., Jan. 5, 2017 /PRNewswire/ -- Jupiter Orphan Therapeutics, Inc., Jupiter, FL, today announced that it has secured a $2 million financing commitment from Tarnagulla Ventures, Melbourne, Australia ("Tarnagulla"). The financing is in the form of a convertible note with the first $1 million paid out immediately and the remaining $1 million to be paid when certain milestones are met. In addition, JOT has received $500,000 in an equity financing through a charity based financing group.
Ms. Natalie McNamee will represent Tarnagulla on the Board of Directors at JOT.
"This is a great step for JOT to get Tarnagulla as an investor. They made a very thorough due-diligence and started to act as a partner very early in the investment process. We would be hard pressed to find a better lead investor," stated JOT Chairman & CEO, Christer Rosén.
Natalie McNamee is a board member at Jupiter Orphan Therapeutics. Natalie attended and obtained her Masters of Bioengineering from the University of California San Diego (UCSD). During graduate school, Ms. McNamee worked at Tocagen Inc, a gene therapy company, in business development. She then went on to work as a bioengineer at the newly formed start up Quanticel Pharmaceuticals specializing in cancer stem cell drug development. In 2015, Celgene Corporation acquired Quanticel for $485M. Natalie currently serves as a Director of the healthcare investment firm, Tarnagulla Ventures.
About Jupiter Orphan Therapeutics
Jupiter Orphan Therapeutics, Inc. (JOT) is a clinical stage specialty pharmaceutical company developing therapies for rare diseases linked to single gene deficiencies. JOT, a Delaware Corporation with its principal office located in Jupiter, FL, USA, was founded in the summer of 2015. In its short period of operations, JOT has assembled a very strong management and scientific team as well as defined five pipeline products which of one is already in Phase II.
Tarnagulla ventures provides seed and venture capital to promising companies in the healthcare space. We invest in companies that we can provide strategic value and not just financial capital. Our headquarters are in Melbourne, Australia however we are global in scope with a particular focus on bringing promising technology to the US Market.