AmacaThera Inc. announced today that it has completed an oversubscribed C$10.3 million Series A financing to support development of AMT-143, the company’s lead clinical asset, and pipeline expansion. The Series A round was led by Lumira Ventures and includes a global investor syndicate of existing investors, Viva BioInnovator and Sprout BioVentures, as well as new investors, BDC Capital Women in Technology (WIT) Venture Fund, Inveready, MBX Capital, CR Capital Management, StandUp Ventures, and MaRS IAF.
AmacaThera's proprietary hydrogels enable local, sustained release of small-molecule drugs, biotherapeutics, and cells. These scalable materials have shown broad utility in several models of disease by protecting encapsulated biomolecules from degradation and clearance via their unique inverse thermogelling properties.
AmacaThera's lead product, AMT-143, is being developed for the treatment of post-surgical pain to materially reduce, and ideally prevent, the need for opioid-based pain relief by providing patients with a single injection administered at the time of surgery.
Molly Shoichet, CSO and cofounder of AmacaThera, said, “The platform technology that we developed at AmacaThera has demonstrated potential in numerous disease indications with the delivery of proteins, antibodies, cells, and small molecules. We are thrilled to have the capital to advance our lead candidate to the clinic and strengthen our pipeline with new innovations.”
Michael Cooke, CEO and cofounder of AmacaThera, said, “We are excited to welcome our new investors and are grateful to the continued support of our existing investors. We look forward to accelerating our clinical trials and expanding our pipeline of potential product offerings. We are focused on advancing our lead asset through the clinic and developing partners with whom we can leverage our injectable sustained release platform.”
About AmacaThera
AmacaThera is a clinical-stage company based in Toronto. AmacaThera is redefining how therapeutics are delivered. AmacaThera has developed a platform hydrogel technology that addresses the critical problem of sustaining therapeutic delivery of pharmacological agents for multiple disease areas. AmacaThera’s lead product addresses post-operative pain and consequently may have an impact on the opioid crisis. AmacaThera is a spin-out company from Dr. Molly Shoichet’s laboratory at the University of Toronto.
For more information, visit www.amacathera.com.
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