Turn Therapeutics Secures Up to $25 Million in Financing From Avenue Capital Group
Turn Therapeutics, Inc. a clinical-stage dermatology company developing novel therapies for inflammatory skin diseases, today announced it has entered into a growth capital loan facility with Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group, for up to $25 million. The facility includes an initial $7 million tranche funded at closing, with up to an additional $18 million available upon achievement of clinical and corporate milestones.
“This financing comes at a critical inflection point for Turn as we approach the mid-year readout of our Phase 2 trial in moderate-to-severe atopic dermatitis,” said Brad Burnam, Chief Executive Officer of Turn Therapeutics. “GX-03 has generated encouraging independent investigator-sponsored human data in onychomycosis, where effective treatment options remain limited. We intend to continue advancing the onychomycosis program in parallel with delivering the Phase 2 atopic dermatitis data from our ongoing trial.”
Funds from the initial tranche of the Avenue Capital Group financing are expected to extend Turn Therapeutics’ runway through its Phase 2 atopic dermatitis readout and support preparation for registrational trials for GX-03 as a treatment for moderate-to-severe atopic dermatitis and onychomycosis. The Company anticipates that proceeds from the full financing will extend the runway through the end of 2027.
“We are pleased to partner with Turn Therapeutics and support its development of differentiated therapies in dermatology,” said Chad Norman, Senior Portfolio Manager at Avenue Capital Group. “We were impressed by the clinical progress to date and the potential of GX-O3 across multiple indications, and we structured this facility to support the Company’s next phase of growth.”
About Avenue Capital Group
Avenue Capital Group is a global investment firm focused primarily on opportunistic credit and special situations investments across the United States, Europe, and Asia. Founded in 1995 by Marc Lasry and Sonia Gardner, Avenue manages over $11 billion in assets with offices worldwide.
About Turn Therapeutics
Turn Therapeutics is a clinical-stage biotechnology company developing precision therapies for inflammatory skin diseases. Its lead candidate, GX-03, is a first-in-class, non-systemic topical therapy in development for moderate-to-severe atopic dermatitis, with additional potential in onychomycosis and other dermatologic conditions.
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