ArGentis Pharmaceuticals, a Memphis-based specialty pharmaceutical company, raised $1 million of a projected $2 million first funding round, VentureWire reports (subscription required). The company is developing testosterone- and progesterone-based eye creams to treat dry-eye syndrome, also known as keratoconjuctivitas sicca, a condition in which the glands that keep the eye moist fail to produce a sufficient quantity of tears.
Investors in the company include angels from Tennessee, Baltimore, New York and Denver, VentureWire reported. The company plans to launch human trials of its eye creams by the beginning of next year.