Biosciences Company Lands $2M+ in Funding

Posted: Updated:
INDIANAPOLIS -

Indianapolis-based Scioto Biosciences Inc. has closed a $1.8 million round of funding and has also been awarded nearly $400,000 in grants from the National Institutes of Health and the state of Indiana. The preclinical stage company says it will use the funds to further the development of its microbiome platform technology.

Scioto Biosciences says its focus is on developing innovative therapies to transform the delivery of microbiome therapeutics. The funding round included investments from BioCrossroads, Elevate Ventures and Ohio-based Rev1 Ventures. The company also received a $330,000 Small Business Technology Transfer grant from the NIH and a $50,000 match from the state.

"We are delighted that a team of important investors has shown confidence in our microbiome platform technology and sees its commercialization potential," said Joe Trebley, chief executive officer of Scioto Biosciences. "Our strong IP portfolio, executive and scientific team and working relationships with organizations like the Research Institute of the Nationwide Children’s Hospital in Columbus, Ohio has put us in a strong position to meet clinical needs in multiple therapeutic markets."

Among the treatments Scioto is seeking to develop is one to combat necrotizing enterocolitis, which the company says is now the leading cause of death from gastrointestinal disease in premature infants. Gail Besner, co-founder of Scioto and chief of pediatric surgery at Nationwide Children's Hospital, says the company is working to develop a probiotics-based solution that could be groundbreaking for the preventative treatment of NEC.

"Working together with Scioto and studying the development of our microbiome platform, you can really see the potential for not only helping prevent NEC, but also tackling other disease states in both human and animal health," said Steve Goodman, co-founder of Scioto and associate professor of pediatrics at Nationwide Children’s Hospital. "This could change the delivery system of many developing microbiome treatments and help advance a rapidly-growing field."

Scioto Biosciences was founded in May of 2017 and is headquartered at the Indiana Center for Biomedical Innovation just north of downtown Indianapolis.

  • Perspectives

    • Improving Efficiency At Board Meetings

      Unproductive board meetings waste time, demotivate board members and frustrate staff.  While most boards function relatively well, they may not be functioning at their highest level. Here are several simple changes you can make right now that will keep your meetings productive and on target. Implement a consent agenda. A consent agenda is a single action item at the start of board meetings that typically includes board minutes, financial information, and anything else that may...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Airport Board Approves New Concessions Vendors

      The Indianapolis Airport Authority Board has approved new contracts for several retail and services vendors at Indianapolis International Airport. The contracts are the first of several approvals that are expected as part of the airport's Concessions Refresh initiative, which aims to increase the local focus among vendors. Marsha Stone, senior director of commercial enterprise at the airport, says the effort will be one of the most impactful public-facing projects that...

    • Two Indiana Banks on Forbes Best List

      Forbes has ranked the best banks in the country and Indiana has placed two on the list. First Merchants Bank finished 2nd, and Old National Bancorp came in at 97. The metrics used by the publication include tangible common equity, return on average assets, net interest margin,  efficiency ratio and net charge-offs as a percentage of total loans. 

    • ClearObject Acquired By Equity Firms

      One of Indiana's biggest tech success stories is being acquired. Two equity firms have acquired a majority interest in Fishers-based Internet of Things company ClearObject. The company's headquarters will remain in Fishers and Chief Executive Officer John McDonald will continue to lead the management team. The companies are not releasing financial terms of the transaction. ClearObject was founded in 2010 as CloudOne, and designs, develops and manages Internet of Things-driven...

    • Hard Rock Cafe Indianapolis to Close in March

      Florida-based Hard Rock International has announced that its Indianapolis location will close. The lease for the Hard Rock Cafe Indianapolis space on South Meridian Street is set to expire in March and the company will not renew it.

    • Hotel, Mattress Company to Launch Collaboration

      Jeffersonville-based Bowles Mattress Co. and West Baden Springs Hotel in Orange County will Monday officially launch their new mattress series. The partnership, first announced last month, will make the mattresses that had previously only been made for the resort available to the public.