Inositec, a Zurich, Switzerland-based developer of life-saving small molecule drugs based on inositol hexaphosphate (IP6), closed a CHF1.4m (approx. US$1.42m) in seed funding.
Backers included VI Partners via the Venture Incubator fund and Zürcher Kantonalbank.
The company intends to use the proceeds to progress a drug candidate from its proprietary Inositune™ platform through preclinical proof-of-concept.
Founded in December 2015 based on research of CEO Dr Mattias Ivarsson, Prof Jean-Christophe Leroux and Prof Bastien Castagner at ETH Zurich, Switzerland, Inositec Inositec is advancing life-saving small molecule drugs based on inositol phosphate, a natural facilitator of diverse cellular functions.
Using its Inositune™ technology to adjust the chemical and physical properties of inositol phosphate analogs, the company is developing a novel class of drugs initially focusing on calcification disorders and Clostridium difficile infection.
In conjunction with the financing. Michael Wacker, PhD, was appointed as Chairman of the Board of Directors. Dr. Wacker is a serial entrepreneur, co-founding several companies including GlycoVaxyn and Limmatech. He also coaches startups in Switzerland for CTI, the governmental commission of technology and innovation.