Argolyn Bioscience, a Charleston, S.C.-based developer of drugs for neurological problems, raised $15.8 million in a first financing round. The funding was led by Intersouth Partners and Quaker BioVentures, joined by Amgen Ventures.
Argolyn is at work on new peptide-based drugs, which are made from short stretches of protein, for schizophrenia and pain. Neither of its lead candidates have yet entered clinical trials, although the company said the new funding will allow it to begin human tests. Peptides are theoretically much more selective than traditional “small molecule” drugs, but usually can’t be administered in pill form because their fragile molecules break down in the digestive system. Argolyn says it can modify peptides to improve their stability, although it so far stops short of saying it can deliver them orally.
