The spin-off from the Universitat Autònoma de Barcelona and the Hospital de Santa Creu i Sant Pau Research Institute specialises in the development of nanotechnology-based cancer treatments. The company announces the completion of a Seed financing round of total €2.8 M, led by the i&i Biotech Fund.
The final closingof the Seed round consistsof € 1M investmentby i&i Biotech Fund I (i&i Bio), an early-stage Life Science fund with teams in Luxemburg and Prague which is backed by the European Investment Fund. i&i Bio joined previous Nanoligent investors, Italian Angels for Growth, the largest network of business angels in Italy, and AVANTECA Partners, a Swiss privately held asset management firm.
Jaromir Zahrádka, Managing partner of i&i Bio, said: "Nanoligent is the fifth investment of our fund and it belongs to a group of targeted oncology therapies in our portfolio. We are excited by deep scientific background and uniqueness of the technology. The platform is developed by highly motivated, experienced, and fully engaged team of scientists and managers. Based on obtained scientific data, the project has a great potential to become an effective treatment for multiple metastatic-cancer types".
Nanoligent is focused on the development of new drugs for the treatment of more than 20 different metastatic cancer types. The lead molecule is based on the targetedelimination of cancer cells overexpressing the CXCR4 receptor, a recognized biomarker for poorprognosis and therapy resistance. Nanoligent is developing a new proprietary nano-technological platform, with the potential to overcome current limitations of Antibody-Drug-Conjugates.
"Less than a third of newly diagnosed metastatic patients respond to current therapies, making metastasis one of the most pressing unsolved challenges in cancer. With the support of i&i Bio together with our existing investors, we secure our current milestone to provide the first drug candidate of our portfolio of metastasis-targeted therapies", said Montserrat Cano, CEO of Nanoligent.
The seed round financing will allow Nanoligent to foster the development of multiple drug candidates and advance the pre-clinical development of its lead candidate in a variety of tumor types.
"We are happy to welcome the i&i Biotech Fund I in Nanoligent. As in previous cases, we have been impressed by the depth of their scientific due diligence and the professionality of their management. They are going to be an important partner for Nanoligent and we are delighted to continue to co-invest with i&i Bio", said Michele Marzola who, together with Alessandro Toniolo,are co-championsfrom IAG in this investment.
Two of theinvestors already joined the Nanoligent's Board whichincludes: Michele Marzola (IAG), Michael Milos (Avanteca Partners), Manuel Rodríguez (Chairman) and Montserrat Cano (CEO).
"The i&iBiotech FundIis the right partner for the further development of Nanoligent. They have shown in depth scientific knowledge as well as being well connected within the pharmaceutical network. We all together are looking forward to bringingNanoligent'sdevelopment plan effectively to the next stages", said Michael Milos from AVANTECA Partners.
