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Turn Therapeutics Secures Up to $25 Million in Financing From Avenue Capital Group

  • Turn Therapeutics (NASDAQ: TTRX) secured a growth capital loan facility with Avenue Venture Opportunities Fund II for up to $25 million.
  • The agreement includes an initial $7 million tranche funded at closing, with an additional $18 million available upon meeting clinical & corporate milestones.
  • Proceeds from the initial tranche are expected to extend the company's runway through the Phase 2 atopic dermatitis readout & support preparation for registrational trials for GX-03.
  • Full financing proceeds are anticipated to extend the runway through the end of 2027.
  • The company plans to continue advancing the onychomycosis program in parallel with delivering Phase 2 data for moderate-to-severe atopic dermatitis.
  • GX-03 is a first-in-class, non-systemic topical therapy developed for inflammatory skin diseases including atopic dermatitis & onychomycosis.
  • Avenue Capital Group, a global investment firm managing over $11 billion in assets, structured the facility to support Turn's next phase of growth.