AmacaThera announced today that it completed an oversubscribed $10.3 million Series A financing round.
Lumira Ventures led the Series A funding, with existing investors Viva BioInnovator and Sprout BioVentures contributing as well. New investors BDC Capital Women in Technology Venture Fund, Inveready, MBX Capital, CR Capital Management, StandUp Ventures and MaRS IAF participated, too, according to a news release.
“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,” AmacaThera chief science officer Molly Shoichet said in the release. “We are thrilled to have the capital to advance our lead candidate to the clinic and strengthen our pipeline with new innovations.”
Toronto-based AmacaThera’s lead product, AMT-143, is being developed to treat post-surgical pain to materially reduce and potentially prevent the need for opioid-based pain relief, instead offering a single injection of the therapeutic to be administered at the time of surgery.
The company develops proprietary hydrogels to enable local, sustained release of small-molecule drugs, biotherapeutics and cells.
“We are excited to welcome our new investors and are grateful to the continued support of our existing investors,” AmacaThera CEO & co-founder Michael Cooke said. “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.”