Toronto-based AmacaThera has raised $3.2 million in seed financing led by Sprout BioVentures, Viva Biotech, with additional participation from Grey Sky Venture Partners. The money will go towards advancing the company’s drug delivery platform technology through phase I clinical proof-of-concept.
AMT-143 assists with post-operative pain control with the ultimate goal of removing the need for opioids after surgery.
AmacaThera’s first product, AMT-143, assists post-operative pain control with the ultimate goal of removing the need for opioids after surgery. Their founding technology was developed at the University of Toronto by Dr. Molly Shoichet, recent winner of the Killam Prize in engineering, and previously named Ontario’s first chief scientist in 2017. Dr. Mike Cooke, one of the scientists involved in the research, will serve as AmacaThera’s CEO.
“We jumped at the chance to work with Molly and Mike and break open the field of hydrogel-encapsulated therapeutics,” Sprout Bio Ventures partner Mike Serrano-Wu said in a statement. “The unique inverse thermal gelling property of AMT-143 will lead to multiple opportunities for the AmacaThera platform to significantly improve patient care.”
Featured image via AmacaThera.