AmacaThera, a Toronto, Canada-based company commercializing hydrogel-based drug delivery platforms, raised CAD$3.25m in seed financing.
The round was led by Sprout BioVentures, Viva Biotech, with participation from Grey Sky Venture Partners and additional investors.
The company intends to use the funds to advance its drug delivery platform technology through Phase I clinical proof-of-concept.
AmacaThera has developed proprietary technology to allow sustained and controllable release of diverse therapeutic agents from injectable, biocompatible hydrogels. Their first product, AMT-143, targets post-operative pain control with the goal of eliminating opioid use following surgery.
AmacaThera’s founding technology was discovered at the University of Toronto by Dr. Molly Shoichet, a leading expert on polymer design and recent winner of the Killam Prize in Engineering. One of the key scientists involved in this research, Dr. Mike Cooke, will serve as the CEO of the new company.