Spring House-Based Company Raises $2.3M to Manufacture COVID-19 Nasal Antiseptic, Mouth Rinse
Spring House-based Halodine has raised $2.3 million through a private stock sale to scale up manufacturing of its antiseptics that has been developed to offer an extra level of protection against COVID-19, writes John George for the Philadelphia Business Journal.
The company is a spinoff of Florida-based Veloce BioPharma, which was working on mid-stage clinical trials of a potential treatment for common warts when the pandemic hit. Then, the company decided to focus on COVID-19.
Veloce developed a formula for two povidone-iodine products available over the counter, both called Halodine. One is a nasal antiseptic and the second a mouth rinse.
To further develop these products and explore their marketing potential as consumer products, Veloce decided to create a separate company, Halodine.
“We needed to raise additional funds to work on this; this is something that is not part of Veloce’s core business,” said Dr. Samuel Barone, chief medical officer at Veloce and president and chief medical officer at Halodine. “We decided the easiest way to get the funding was to spin out a separate company.”
Read more about Halodine at the Philadelphia Business Journal by clicking here.
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