Press release

Plumb Pharmaceuticals, Inc. Announces Seed Financing

New website

MADISON, Wis., December 01, 2022 – Earlier this year Plumb Pharmaceuticals, Inc. secured investment from the Winnow Fund, a Madison-based venture capital fund investing in pre-seed Wisconsin-headquartered startups with a particular focus on opportunities spinning out of the state’s public and private colleges and universities.

Plumb was founded in 2016 by Drs. Tim Heath, Ph.D., and Lisa Krugner-Higby, DVM, Ph.D., professors at the University of Wisconsin-Madison, and is dedicated to solving problems of medication compliance with extended-release formulations of FDA-approved drugs. Both individuals are serving in executive roles with the company.

Plumb’s first product in development combines their Advanced Quantload (AQL™) lipid-based extended-release drug technology with naltrexone, a drug commonly used to treat alcohol and opioid addiction.

“If the early success of their research is any indication, the use of their extended-release technology in combination with this drug will offer a significant improvement in the administration and efficacy of treatment,” said Richelle Martin, managing director of the Winnow Fund.

“Opioid deaths have reached a record high in the U.S. Our goal with this new formulation of naltrexone, is to extend the effective duration significantly to reduce chronic relapsing of individuals in treatment,” adds Alex Vodenlich, president and CEO.

Opioids are substances that work in the nervous system of the body or in specific receptors in the brain to reduce the intensity of pain. CDC reports that more than 932,000 people have died since 1999 from a drug overdose. Nearly 75% of drug overdose deaths in 2020 involved an opioid

According to the CDC, Overdose deaths involving opioids, including prescription opioidsheroin, and synthetic opioids (like fentanyl), have increased by more than eight times since 1999. Overdoses involving opioids killed nearly 69,000 people in 2020, and over 82% of those deaths involved synthetic opioids.

“The broad utility of Plumb’s technology combined with the strong technical and operational skills of the leadership team solidified our decision to invest”, added Martin.

About Plumb

Plumb Pharmaceuticals Inc. is dedicated to solving problems of medication compliance with extended-release formulations of FDA-approved drugs. The company’s Advanced Quantload (AQL™) technology provides drug release rates measured in months, not days, enabling more effective treatments.

PR Contact: Alex Vodenlich

About The Winnow Fund

The Winnow Fund is a venture capital fund investing in early-stage Wisconsin-based companies. It is the first in Wisconsin to be founded and led solely by a woman. The Fund seeks opportunities to make the first investment in a startup, with initial investments typically ranging from $250,000 to $500,000. The Fund also has the ability to provide support in the range of $50,000 to $100,000 for smaller companies at the proof-of-concept stage.