Radnor’s Opsidio, which is working on developing monoclonal antibodies for treatment of fibrotic diseases, has raised $800,000 through a debt financing deal, writes John George for the Philadelphia Business Journal.

Opsidio’s technology targets fibrosis, the sometimes debilitating or even fatal formation of excess fibrous connective tissue in an organ or tissue during a reparative or reactive process.

The company is headed by Dr. Martin Phillips, a board-certified hepatologist who previously worked as an executive and researcher at CSL Behring and Morphotek.

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Opsidio described the financing round led by BioAdvance as the initial tranche of bridge financing.

“This funding is a big step forward in bringing this much-needed therapy to patients,” said Phillips. “We have known the BioAdvance team for a long time, and we appreciate their support and vision in its funding of Opsidio.”

BioAdvance, which has offices in Philadelphia and Radnor, manages an early-stage life sciences fund of $50 million. It works with mid-Atlantic region entrepreneurs to support companies that are working to improve people’s health.

“Opsidio has an experienced team, and is developing a promising monoclonal antibody against an important target in fibrotic diseases,” said Dr. Gregory Harriman of BioAdvance.

Read more about Opsidio in the Philadelphia Business Journal by clicking here.

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