Company name: Cass Pharmaceuticals Inc. (stylized: CASS Pharmaceuticals)
Amount raised: $1.98 million of a $4.5 million offering
What they do: Founded in 2020, Franklin-based Cass aims to “create a future where effective and comprehensive treatment of diabetes is readily available and affordable,” according to the company’s website. Cass has an insulin program, which utilizes rapid-acting insulin, and a glucagon program, which looks to create a bi-hormonal insulin pump that would enable the input of glucagon, as well as insulin into the body.
Cass is led by CEO Stephen McCormack — who is also managing partner at Los Angeles-based health care investment firm Excela Health, according to his LinkedIn page — and Chairman Dr. Sol Steiner — who is also CEO of Mount Kisco, New York-based Steiner Ventures, according to his LinkedIn page.
Why it matters: While Nashville is rich in major health care services firms, including HCA Healthcare Inc. (NYSE: HCA) and Community Health Systems Inc. (NYSE: CYH), the city lags behind in biotech and pharma. The select club includes Harrow Health Inc. (Nasdaq: HROW), which moved its headquarters from San Diego to Nashville in 2019, and Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX).
Nashville-based Appello Pharmaceuticals raised $13.5 million earlier this year.
What the funds will be used for: Cass did not immediately respond to a request for comment. This story may be updated.
