Giiant Pharma announced today that it added $1.25 million to its seed financing round to ensure reaching clinical proof-of-concept for its Precision Delivery technology platform.
Montreal-based Giiant’s $750,000 in funding from AQC Capital, plus $500,000 from CQDM, adds to the seed round closed last month to bring the company’s total funding to nearly $15 million.
According to a news release, the additional financing will help support the development of the company’s GT-2108 up to clinical Phase 1b completion. The company designed GT-2108 for treating moderate-to-severe ulcerative colitis. Last month, the company said it is also discussing the potential expansion of its pipeline for treating gastrointestinal disease.
Giiant develops the Precision Delivery technology platform, which originated from the work of former Merck Frosst scientists, according to a news release. The company designs gut-restricted, tissue-specific, small-molecule drug therapeutics to be delivered through the platform. President and CEO Maxime Ranger said in May that Precision Delivery is an “exciting concept” that could potentially “transform the field of gastroenterology.”
“This is an exciting time for Giiant Pharma as we launch our lead program GT-2108, in additional to our Drug Hunting Club for pipeline expansion,” Ranger said in today’s release. “Our innovative technology platform will transform the field of gastroenterology.”
