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Azaya Therapeutics expanding operations
March 24, 2014

 

Mike Dwyer, the CEO of Azaya Therapeutics Inc., says the latest funding positions the company for its next move. Photo by Catherine Dominguez 

By W. Scott Bailey, San Antonio Business Journal

Azaya Therapeutics Inc. expects to close this week on a $5 million bridge funding round that the company initiated in October 2013. Azaya President and CEO Mike Dwyer says the convertible note offering was oversubscribed and all of the money came from local investors.

That bridge funding helps position Azaya for its next move. Dwyer says that next step is to seek regulatory approval of its ATI-0918 generic doxil cancer drug.

First, the San Antonio-based company will need to develop a 7,000-square-foot Current Good Manufacturing Practices (CGMP) facility, as recognized by the U.S. Food and Drug Administration. Azaya has acquired 10,000 additional square feet of space near its Northwest Side headquarters. The company plans to move its existing labs and offices into that new space and then house manufacturing operations in its current facility.

Dwyer says the pieces are coming together that will position Azaya to manufacture chemotherapy products for commercial use.

"We will be the only facility in the state of Texas that is qualified to do that," he adds.

 

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