Dauntless Pharmaceuticals, Inc., a San Diego, CA-based biopharmaceutical company focused on the development of specialty drugs, closed a $12m Series A financing.
Sofinnova Ventures was the sole institutional investor in the Series A financing.
Started by Joel F. Martin, PhD, Co-Founder, President and CEO, and Michael Powell, PhD, Sofinnova general partner, who will also serve as Chairman, Dauntless will apply preclinical, clinical, and regulatory development capabilities to advance a select portfolio of product candidates through preclinical and human proof-of-concept clinical development.
The financing will fund the development of DP1038, a preclinical-stage drug for the potential treatment of endocrine cancers. DP1038 exploits patented technology developed by Aegis Therapeutics, LLC, a drug-delivery and drug-formulation company that has licensed technology to pharmaceutical and biopharmaceutical companies.
David Kabakoff, PhD, Sofinnova executive partner, will also serve on the Company’s board of directors.