Sep-2022
SOPHIE participant Lactiga Therapeutics Raises $1.6M USD in Oversubscribed Pre-Seed Round, Secures $350k in Research Grants
Lactiga Therapeutics, an early-stage biotechnology company focused on improving the quality of life of patients with primary immunodeficiency diseases, announced this week that it has oversubscribed its pre-seed financing, raising $1.6 million in new capital including over $350,000 in research grants. The lead investor in the financing was 1517 Fund, and other investors include several private firms with significant biotechnology experience.
“We’re thrilled to be backing the Lactiga team in their effort to use naturally produced antibodies to alleviate the pain and suffering of immunocompromised patients and consumers at large. The team understands the impact on everybody involved – donors, patients, consumers, and researchers – and I’m glad they are the ones at the forefront of this work,” said Zak Slayback, a partner at 1517 Fund.
In addition to the capital raised, the company, which is based in New Jersey and Toronto, has secured over $350,000 in nondilutive grants and awards over the last four months, including funds from the New Jersey Commission on Science, Innovation and Technology (CSIT) and Innovation Factory’s Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program. These funded projects further the company’s preclinical studies and strengthen its intellectual property portfolio.
“We are pleased to support Lactiga’s collaborative project with McMaster University during an important phase of their commercialization journey – leading to new intellectual property, jobs, follow-on investment and pharmaceutical development. Through SOPHIE, (a program supported through the Federal Economic Development Agency for Southern Ontario) Lactiga will also have access to an extensive strategic health innovation ecosystem, further enabling their market potential for success,” said David Carter, Executive Director at Innovation Factory.
Read the full press release here