Oklahoma City-based Otologic Pharmaceutics Inc. has received $4.1 million to help fund a treatment for noise-induced hearing loss.
The treatment, known as NHPN-1010, is expected to enter Phase 1 clinical testing in the first half of this year.
“Moving into the clinic is an important step for Otologic in advancing the work done at OMRF (Oklahoma Medical Research Foundation) and at the Hough Ear Institute as a therapy for the treatment and prevention of hearing loss,” Otologic CEO Clayton Duncan said.
The investment was led by i2E and Accele Venture Partners, the investing arm of life sciences accelerator Accele Biopharma Inc. i2E investment funds Oklahoma Seed Capital Fund and OKAngel Sidecar Fund each invested $600,000, and a member of the i2E-managed SeedStep Angels invested $25,000.
The OKAngel Sidecar Fund is one of three Accelerate Oklahoma! investment vehicles created in 2011 by i2E through a partnership with the Oklahoma Department of Commerce and the U.S. Treasury State Small Business Credit Initiative. The OKAngel Sidecar Fund specifically targets opportunities to invest alongside Oklahoma angel investors.
The Oklahoma Seed Capital Fund is a state-appropriated investment fund through the Oklahoma Center for the Advancement of Science and Technology. The SeedStep Angels were founded by i2E in 2009 and now has more than 40 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.