Contraline Raises $700,000 in Seed Funding from Angel Investors
Friday, June 3rd, 2016
CHARLOTTESVILLE, Virginia – Contraline, a University of Virginia founded biotechnology company developing a new form of male birth control, today officially announced the successful closing of its seed round at $700,000. Led by CEO of Tydall Trading LLC Mark Galant, the funding round also includes investments from Kima Ventures (a Paris-based early stage venture fund founded by Xavier Niel), Jaffray Woodriff, CEO of Quantitative Investment Management, William Stilley, and pharmaceutical processing company Afton Scientific, among others. The Bay Area-based accelerator Y Combinator is also providing $20,000 and a spot for Contraline to be in their fellowship program. William Stilley, CEO of ADial Pharmaceuticals, will be joining Contraline as a business advisor while Tom Thorpe, CEO of Afton Scientific, will be joining Contraline’s Board of Directors.
Prior to this round of funding, Contraline raised $45,000 in non-dilutive funding from competitions including the UVA Entrepreneurship Cup, Darden Business Plan competition, and the ACC Inventure Prize. “That initial funding allowed us to obtain proof of concept and IP protection for our idea: an echogenic polymer gel that can be inserted through a non-surgical procedure,” Kevin Eisenfrats, President and Co-Founder of Contraline, explained. “Looking forward, the new funding will allow us to expedite studies necessary for FDA approval.”
This funding will be used to finance the safety and efficacy study in rats, biocompatibility research and chemical testing, expanding the research team, and building a strong intellectual property portfolio. Contraline plans to collect enough data to have a pre-IDE meeting with the FDA in early 2017. The seed round is among Charlottesville’s largest ever in the field of biotechnology. “This really speaks volumes about the growing energy of Charlottesville’s entrepreneurial community,” said Eisenfrats. “We’re ecstatic to have reached this milestone, and we’re incredibly thankful for the community’s support in our mission. We look forward to an extraordinary next few months.”