Strekin raises CHF10 million

Strekin AG (Basel, Switzerland) raised CHF10 million ($10.3 million) in its third seed round from undisclosed private investors. The round builds on a combined CHF8.2 million ($8.4 million) Strekin had raised in seed rounds during 2014 and 2015.

The company expects data in 4Q17 from a Phase II study of lead candidate STR001 to prevent hearing loss in patients undergoing cochlear implantation surgery. Pending the trial's outcome, Strekin plans to raise a series A round in late 2017 or early 2018. STR001 is a formulation of pioglitazone, a PPAR gamma agonist...