AmacaThera, a startup born from the lab of renowned University of Toronto researcher Dr. Molly Shoichet, has closed a CAD$4.0 million financing round with a new lead investor, supported by existing investors; BDC Capital’s Women in Technology Venture Fund, Inveready, Lumira Ventures, StandUp Ventures, and MaRS IAF.
The U of T startup is built on a gel technology developed by Shoichet, a University Professor in chemical engineering and applied chemistry and biomaterials and biomedical engineering, and her team. She co-founded AmacaThera with Mike Cooke, who was a post-doctoral researcher in her lab.
The proceeds will be used to accelerate the clinical development of the lead clinical candidate, AMT-143, and also to advance multiple pipeline programs targeting the local, injectable, sustained release market.
AmacaThera’s unique, injectable, hydrogel AmacaGel platform is effective for the delivery of a wide range of therapeutics, from small molecules to antibodies to lipid nanoparticles to stem cells, as demonstrated in over 40 peer-reviewed publications. With the demonstrated safety in humans, the funding will also be used to expand the application of the platform and to develop additional products for the pipeline.
“We are excited to welcome our new lead investor to our board, as they share our enthusiasm for AmacaThera’s vision and potential for long-term success”, said Dr. Michael Cooke, CEO and Co-Founder, “This investment will enable us to expand and accelerate our efforts in developing new long-acting injectable products”.
“This financing provides further evidence of the importance of therapeutic delivery in the life science innovation cycle”, said Dr. Molly Shoichet, CSO, Co-Founder, “The commitment of our existing investors reflects their recognition of the platform opportunity and the potential product portfolio.”
AmacaThera raised an oversubscribed Series A round of funding in 2021. It received support from UTEST and the Creative Destruction Lab, two of U of T’s entrepreneurship hubs.
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