Milwaukee-based T3 BioScience has closed on a new capital round, as of July 25.
[caption id="attachment_139417" align="alignright" width="300"] Leaves on an apple tree “scorched” by fire blight.[/caption]
The company, which grew out of the University of Wisconsin-Milwaukee Research Foundation, did not disclose the amount of the raise, but said the funds will be used to help accelerate its research and development on its medical and agricultural products.
T3, founded in 2013, makes antivirulence drugs that fight gram-negative bacterial pathogens in humans and crops. It has just completed its third year of field testing on T3 Protect, which is used for fire blight on fruit trees. The company also is completing advanced testing on its compound's impact on antibiotic-resistant bacteria in humans.
Among T3’s shareholders are the UWM Research Foundation and Duke Philanthropies.
“The success of the capital increase from new and existing investors across Asia and the U.S. testifies to their confidence in T3 BioScience’s growth plans,” said Daniel Burgin, chief executive officer. “The additional capital empowers our firm to strategically and independently invest into our scientific product research, as well as grow our assets by filing new patents for emerging new products. This includes planned EPA approvals for agricultural products as well as preclinical trials for our leading medical compounds.”