Steel Therapeutics, an early-stage pharmaceutical company based in North Liberty, has closed a $2 million financing round to support development of its lead product, the Fizurex wipe.
The funding round was led by a group of new strategic investors and will help the company advance a pivotal toxicology study later this year and prepare for submission of an Investigational New Drug (IND) application.
Steel Therapeutics is developing Fizurex, a single-use wipe treated with a topical therapy designed to treat anal fissures. The product aims to offer a more accessible and consistent alternative to traditionally compounded treatments for a condition that currently has limited therapeutic options.
“We’ve made tremendous progress over the last several months continuing to develop and validate the Fizurex wipe, while also establishing relationships in the CGMP space that will serve us well in both our upcoming pivotal animal study and the first-in-human studies that have already been scoped for a planned start next year,” said Matt Stahl, CEO of Steel Therapeutics, in a statement. “This investment validates investor confidence in both our development roadmap and the partnerships we have deliberately curated over the last two years.”
The company said it is transitioning from early formulation and proof-of-concept work to formal preclinical development and regulatory engagement. Fizurex is positioned as a bridge between compounded therapies and FDA-regulated pharmaceutical products.
“Our work is focused on bridging the gap between proven compounded treatments and the rigor of FDA oversight,” Mr. Stahl said. “Fizurex is our first step toward building a platform that empowers prescribers and patients with reliable, accessible, and effective therapies.”
Steel Therapeutics was founded by a team of pharmacists with experience in retail compounding. The company’s goal is to scale access to compounded drugs with a strong safety and effectiveness record, applying pharmaceutical manufacturing standards to improve delivery and patient outcomes.
