Healthcare Technology Featured Article

April 19, 2021

Paragon Biosciences' CEO Jeff Aronin Announces $35 Million Series C Preferred Stock Raise for Emalex Biosciences

Despite there being a significant need, the development of drugs specifically to aid conditions like Tourette syndrome and child-onset fluency disorder (stuttering) has been slow. Recently, those living with these medical conditions just received some good news.

In late March, Emalex Biosciences, Inc., a biopharmaceutical company that is researching treatments for fluency and central nervous system movement disorders, announced $35 million in preferred stock funding from its Series C Funding Round. The investments were led by Paragon Biosciences and joined by Valor Equity Partners and Fidelity Management & Research Company LLC.

Emalex is committed to the pursuit of therapies for those living with Tourette syndrome and stuttering. The company has three Phase 2 clinical trials currently evaluating a first-in-class investigational medicine for safety and efficacy. The Series C funding support these trials along with the company's organizational operations through the end of this year.

Chief Medical Officer and Senior Vice President of Drug Development, Atul R. Mahableshwarkar M.D, shared that the overall goal is to continue down the path of both developing a promising Tourette syndrome treatment and finding the first drug treatment for stuttering, a condition affecting 70 million people around the world that has no U.S. Food and Drug Administration-approved treatment.

Paragon Biosciences, led by Founder, Chairman, and CEO Jeff Aronin, launched Emalex as one of seven companies focused on different areas of life science. Since 2017, Paragon Biosciences, along with its partners, has invested more than $1 billion in novel therapies, including cell and gene therapy, synthetic biology and advanced biotechnology. The company expects to invest up to $500 million annually supporting life science research, utilizing an innovative business model that is helping to change human and environmental health and make the world better.

Jeff Aronin noted that Emalex’s milestones are prime examples of how Paragon’s portfolio companies support the mission and vision of Paragon.

About Emalex

Located in Chicago, Emalex is developing treatments for fluency and central nervous system movement disorders that currently have only limited or non-existent treatment options, including Tourette Syndrome and childhood-onset fluency disorder. Emalex was founded by Jeff Aronin, chairman and CEO of Paragon Biosciences.

About Jeff Aronin

With more than 30 years of experience and leadership, life science entrepreneur and visionary Jeff Aronin has a passion to find solutions for patients with unmet needs. To this end, Jeff Aronin has founded seven portfolio companies under Paragon. In addition to Emalex Biosciences, other Paragon portfolio companies include: Castle Creek Biosciences, CiRC Biosciences, Evozyne, Harmony Biosciences, Qlarity Imaging, and Skyline Biosciences. Paragon Biosciences is an economic engine, creating hundreds of jobs worldwide. Jeff Aronin is also the founder and chairman of MATTER, a Chicago-based health-technology startup incubator.

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