AmacaThera Inc. is pleased to announce the closing of its US$3.6M seed financing round. A first close of the round was led by Sprout BioVentures/Viva Biotech with participation from Grey Sky Venture Partners, and the round was recently completed with an investment by Toronto-based Lumira Ventures.
Commenting on the closing of the round, Dr. Molly Shoichet, Ph.D., Co-Founder and Chief Scientific Officer of AmacaThera stated: “We are thrilled to have the Lumira team as part of our investor group and look forward to working closely with them and our other investors in executing the company’s business plan.”
“We have followed the evolution of the AmacaThera story for some time and, as a result, we had the opportunity to work closely with Molly, Mike and the rest of the team before our investment. That relationship, and the insights we gained, gave us confidence in their technology, development strategy and the opportunity to develop a novel non-opioid-based product for the treatment of post-surgical pain,” stated Peter van der Velden, Managing General Partner at Lumira Ventures, who has also joined the Company’s board of directors..
AmacaThera’s goal is to use its proprietary technology to develop injectable and biocompatible hydrogels that can enhance the delivery, targeting and release of a diverse range of therapeutic agents. AmacaThera’s first product, AMT-143, is being developed to improve post-operative pain control thereby reducing or eliminating opioid use following surgery.