02 May WisBusiness: the Podcast with Alex Vodenlich, Plumb Pharmaceuticals
This week’s episode of “WisBusiness the Podcast” is with returning guest Alex Vodenlich, president and CEO of Plumb Pharmaceuticals.
The Madison-based company has developed and patented a technology platform for long-duration drug release, starting with a formulation for an opioid addiction medication. Over the past year and a half, since Vodenlich last came on the podcast, the business has been working on optimizing and testing its naltrexone product.
“We have tested it to prove out that the duration is as long as we say it is,” he said. “Which, today I can tell you that we’ve improved it from four weeks to eight weeks … and we’ve done so using materials that are already seen or have been approved by the FDA, as has naltrexone.”
That qualifies the product for a “faster track” through the clinical trial process, Vodenlich said. Going forward, the company is seeking a new round of fundraising to support further studies required by regulators to submit the drug for full approval.
“We just need some more money, so that’s what we’re working on for the next eight, nine months,” he said, adding the current goal is raising $3 million.
Startup accelerator program gener8tor recently announced Plumb Pharmaceuticals is part of its latest cohort in Madison, which comes with a $100,000 investment. Vodenlich says “we’re certainly quite excited” about participating in the accelerator cohort, noting the program helps entrepreneurs “polish themselves up” and check assumptions about their businesses.
“That’s the next key for us, is for us to communicate to our whole set of hundreds of investors if that’s what it takes to raise the next round of funding to achieve our next set of goals,” he said.