Wednesday, February 21, 2024

Blacksmith Medicines Gets $3.3M Via NIH Funding

San Diego-based Blacksmith Medicines, a developer of biopharmaceuticals, says it has received $3.3M in funding from the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH). According to the company, the funding will go towards Phase 1 studies of its compound for treatment of urinary tract infections caused by multidrug-resistant Gram-negative bacteria. The company said the total funding could be worth up to $17.2M over five years. Blacksmith's investors include Lilly, Evotec A.G., MP Healthcare Partners, MagnaSci Ventures, and Alexandria Venture Investments.