AmacaThera secures $4M Series A extension financing

CPE News

CPE News (11.28.2023) – AmacaThera Inc. has raised $4.0 million in Series A extension funding led by Paul Austin, supported by existing investors, BDC Capital, Inveready, Lumira Ventures, StandUp Ventures, and MaRS Investment Accelerator Fund (IAF).

Paul Austin has joined AmacaThera board of directors.

AmacaThera will use funding to accelerate the clinical development of the lead clinical candidate, AMT-143, and also to advance multiple pipeline programs targeting the local, injectable, sustained release market.

Founded by Dr. Molly Shoichet and Dr. Michael Cooke, Toronto based AmacaThera is a developer of novel injectable, localized therapeutics based upon its AmacaGel delivery platform.

In February 2021, AmacaThera announced the closing of $10.3 million Series A round with Lumira Ventures, BDC Capital, Inveready, Viva BioInnovator, Sprout BioVentures, MBX Capital, CR Capital Management, StandUp Ventures, and MaRS IAF.

photo credit: AmacaThera

News Release

AmacaThera Closes Series A Extension to Advance Clinical Development of Long Acting, Localized, Non-Opioid Therapeutics to Improve Post-Surgery Patient Care

TORONTO, Nov. 28, 2023 /CNW/ – AmacaThera, a leader in the development of novel injectable, localized therapeutics based upon its AmacaGel delivery platform, announced the closing of a CAD$4.0 million financing round, with a new lead investor, supported by existing investors; BDC Capital’s Women in Technology Venture Fund, Inveready, Lumira Ventures, StandUp Ventures, and MaRS IAF. The proceeds will be used to accelerate the clinical development of the lead clinical candidate, AMT-143, and also to advance multiple pipeline programs targeting the local, injectable, sustained release market.

Despite the continuing opioid epidemic, which results in ~80,000 deaths annually in the US alone, the treatment of pain continues to be frequently managed through opioid-based medications. This includes in post-surgical settings, where it can be a gateway to addiction and the abuse of prescription pain medicines and illicit narcotics. Leveraging the AmacaGel platform, AmacaThera is developing AMT-143 with the objective of it being a best-in-class, non-opioid, therapeutic able to provide an extended period of post-surgical pain relief and reduce with the aim of eliminating the need for opioids in the postsurgical recovery period. Pre-clinical studies have shown superior release kinetics to the current standard of care, resulting in rapid onset pain relief followed by long-acting pain control for up to 3 days, thereby providing relief over the most severe pain window following surgery. The Phase Ib clinical trial is scheduled to commence in early 2024.

The Company’s unique, injectable, hydrogel AmacaGel platform is effective for the delivery of a wide range of therapeutics, from small molecules to antibodies to lipid nanoparticles to stem cells, as demonstrated in over 40 peer-reviewed publications. With the demonstrated safety in humans, the funding will also be used to expand the application of the platform and to develop additional products for the pipeline.

Lead investor Paul Austin said, “AmacaThera is developing a product that fulfills both societal and medical needs for a large market.”

Lumira Ventures, Lu Han, agreed, “AmacaThera continues to build an innovative portfolio of therapeutics that have the potential to establish a new standard of care across a variety of indications.”

“We are excited to welcome our new lead investor to our board, as they share our enthusiasm for AmacaThera’s vision and potential for long-term success”, said Dr. Michael Cooke, CEO and Co-Founder, “This investment will enable us to expand and accelerate our efforts in developing new long-acting injectable products”.

“This financing provides further evidence of the importance of therapeutic delivery in the life science innovation cycle”, said Dr. Molly Shoichet, CSO, Co-Founder, and University Professor at the University of Toronto. “The commitment of our existing investors reflects their recognition of the platform opportunity and the potential product portfolio.”

About AmacaThera

AmacaThera Inc., a resident company of Johnson & Johnson Innovation, JLABS @ Toronto is a clinical-stage company transforming therapeutics to make a difference in patient health. AmacaGel, our unique, injectable hydrogel platform, provides localized sustained drug delivery for improved patient outcomes across multiple therapeutic areas, including post-surgical pain management, cancer and other hard-to-reach, unmet medical needs.

For more information, please visit www.amacathera.ca.

SOURCE AmacaThera Inc.

For further information: Michael Foorer, mike_foorer@amacathera.ca