Turn Therapeutics, a clinical-stage dermatology biotechnology company, announced it has secured up to $25 million in financing through a growth capital loan facility with Avenue Capital Group. The agreement includes an initial $7 million tranche funded at closing, with an additional $18 million available upon the achievement of clinical and corporate milestones.
The financing is expected to extend the company’s operational runway through key clinical milestones, including the anticipated mid-year readout of its Phase 2 trial in moderate-to-severe atopic dermatitis. Proceeds will also support continued development of GX-03, Turn Therapeutics’ lead candidate, which is being evaluated for both atopic dermatitis and onychomycosis.
GX-03 has already generated encouraging investigator-sponsored human data in onychomycosis, a condition where treatment options remain limited. The company plans to advance both its atopic dermatitis and nail fungus programs in parallel, while preparing for potential registrational trials.
If fully utilized, the financing facility is expected to support operations through the end of 2027.
KEY QUOTES:
“This financing comes at a critical inflection point for Turn as we approach the mid-year readout of our Phase 2 trial in moderate-to-severe atopic dermatitis. GX-03 has generated encouraging independent investigator-sponsored human data in onychomycosis, where effective treatment options remain limited. We intend to continue advancing the onychomycosis program in parallel with delivering the Phase 2 atopic dermatitis data from our ongoing trial.”
Brad Burnam, Chief Executive Officer, Turn Therapeutics
“We are pleased to partner with Turn Therapeutics and support its development of differentiated therapies in dermatology. We were impressed by the clinical progress to date and the potential of GX-O3 across multiple indications, and we structured this facility to support the company’s next phase of growth.”
Chad Norman, Senior Portfolio Manager, Avenue Capital Group
