AmacaThera receives CAD3.25m for Phase I trial of its proprietary drug delivery technology.
M2 EQUITYBITES-January 14, 2019-AmacaThera receives CAD3.25m for Phase I trial of its proprietary drug delivery technology
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Drug delivery company AmacaThera reported on Friday the receipt of CAD3.25m in seed financing from Sprout BioVentures, Viva Biotech, Grey Sky Venture Partners as well as additional investors.
The fund raised in this round will be used to advance the company's drug delivery platform technology through Phase I clinical proof-of-concept. Its proprietary technology is expected to allow sustained and controllable release of diverse therapeutic agents from injectable, biocompatible hydrogels. The company's first product, AMT-143, targets superior post-operative pain control with the goal of eliminating opioid use following surgery.
In conjunction, one of the key scientists involved in this drug delivery research, Dr Mike Cooke, will serve as the CEO of the new company.
Following the first closing, the company is currently in discussions with additional investors and angels for a second closing, which is anticipated in the coming months.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 14, 2019|
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