MyMD Pharmaceuticals secured $7 million in private placement funding led by PharmaCyte Biotech, Inc.

May 21, 2024•over 1 year ago

Amount Raised

$7 Million

BaltimoreBiopharmaTherapeuticsPharmaceuticalBiotechnology

Investors

Existing My Md ShareholdersPharma Cyte Biotech, Inc.

Description

MyMD Pharmaceuticals, Inc. announced that it has secured $7 million in commitments in two private placement funding rounds led by PharmaCyte Biotech, Inc. An additional $7 million was raised from existing MyMD shareholders participating in the offerings.

Company Information

Company

MyMD Pharmaceuticals

Location

Baltimore, Maryland, United States

About

MyMD Pharmaceuticals, Inc. (Nasdaq: MYMD), a clinical stage pharmaceutical company committed to extending healthy lifespan, is focused on developing two novel therapeutic platforms that treat the causes of disease rather than only addressing the symptoms. MYMD-1 is a drug platform based on a clinical stage small molecule that regulates the immune system to control TNF-α, which drives chronic inflammation, and other pro-inflammatory cell signaling cytokines. MYMD-1 is being developed to delay aging, increase longevity, and treat autoimmune diseases. The Company’s second drug platform, Supera-CBD, is being developed to treat chronic pain, addiction and epilepsy. Supera-CBD is a novel synthetic derivative of cannabidiol (CBD) and is being developed to address and improve upon the rapidly growing CBD market, which includes both FDA approved drugs and CBD products not currently regulated as drugs.

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