The EMulate Therapeutics, the 20-year-old Bellevue, Wash.-based company developing radio frequency energy technology that can combat a variety of ailments, filed to go publicly on Tuesday.
The 7-person business, previously called Nativis offers programs that treat the most aggressive types of tumors in the brain, as well as pain control PTSD, ADHD, anxiety and depression.
The company has the ability to “specifically regulate metabolic and signaling pathways at the genetic and molecular levelswithout radiation, chemicals or medications — and using a non-invasive, simple-to-use therapy device,” according to its IPO filing.
The device’s wearable therapy is not accepted in the FDA.
The filing shows that the company was not generating enough revenues to cover continuing operating expenses on June 30 and that it had an amount of $15,000 in cash in the bank at the time. The company posted the loss as a net $13.8 million during the six-month period that ended on June 30. EMulate invested $164,000 in research and development during the first quarter of 2022. The company also picked an additional $7.6 million in administrative and general costs.
“With this offer we’re looking for enough capital to allow us to maintain the technological advancements and expansion of our business that are already going well. We are confident that the proceeds of this offer will be enough to support our plan of business for at most the next twelve months.” it states on its filing.
The CEO president, chairman and CEO are Chris Rivera. He was the CEO of the trade association Washington Biotechnology and Biomedical Association and is currently Life Science Washington. He was also the director of commercial operations at Corixa and also held an operation position at Genzyme. He was the founder of Hyperion Therapeutics, which was bought from Horizon Pharma in 2015.
Rivera was paid $882,073 last year in accordance with the IPO filing.
The company doesn’t have any clinical trials in the pipeline however it has announced that it has conducted the “compassionate usage” study for patients with the glioma of midline diffuse. The brain tumor that affects children is a concern for 100 to 300 kids every year in the U.S. and most patients have a shorter survival time than. It also ran an smaller study for patients suffering from a different very deadly brain tumor called glioblastoma multifocale. It was reported that there were no significant adverse negative effects.
According to the website of the company, its technology “produces an extensive, multi-frequency oscillating magnetic field that has frequencies ranging from 0 kHz approximately 22 kHz which is derived from recordings of selected molecules that are generated by its own Magnetic Interrogation Device System (MIDS).”
The technology was also described in a publication that described the results of a glioblastoma-related study conducted with the company’s headband “Molecular signals are derived from solvated molecules with the direct-current quantum interference device that is coupled to the second derivative gradiometer working in an extremely shielded magnetic environment.”
Making a drug targeted by molecular chemistry could take thousands of million dollars as well as many years of clinical trials but the company claims that it targets specific molecules. The company claims it has “selectively” focused on the molecules EGFR (epidermal growth factor receptor) which is a well-known drug target in preclinical research.
Other scientists have also criticized the company. Derek Lowe, a longtime researcher and creator of the In The Pipeline blog on Sciencemagazine has previously stated to Newsexposer it was the research conducted by the company leaves him and other members of the scientific community skeptical.
In a blog post from 2017 Lowe stated: “The company’s scientific basis can cause people to look at their eyes and then exclaim with laughter.”
The biggest shareholder in EMulate’s common stock has been Nancy Skinner Nordhoff 90 years old Seattle-based philanthropist with an 12.2 percentage stake. Others shareholders are The Butters Family Revocable Trust John Kingman and Tamera Kingman and Bennet M. (Mike) Butters, who was formerly the VP of Signal Technology.
The company EMulate earlier said the company had raised $60m from investors.
The company is competing against Optune, the Optune device that its manufacturer Novocure declares alters cell division through electrical fields.
EMulate Therapeutics said in the filing that it is owed an total severance of around $6.3 million for former employees and its founders. We’ve contacted the company for more information regarding its operations and will update you when we get a response.
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