Ovensa secures $1.38M financing

CPE News

pcJ News Briefs – Ovensa Inc., an Aurora, Ontario based preclinical stage oncology company enabling the targeted delivery of therapeutic molecules, has raised $1.38 million from 22 members of Anges Québec, Anges Québec Capital, and Aligo Innovation.

In June 2016, members of Anges Québec and Aligo Innovation invested $530,000 in Ovensa.

Ovensa is the first non-Quebec based investment made by Anges Québec. In July 2017, Anges Québec led a US $9 million financing in Brooklyn Park, Minnesota based 4C Medical Technologies, Inc. with a US $3.5 million investment.

photo credit: Ovensa

News Release

$1.38 MILLION IN FINANCING FOR OVENSA
September 12, 2017

Members of Anges Québec, Anges Québec Capital, and Aligo Innovation make second investment in company

Montreal, September 12, 2017 – Twenty-two members of Anges Québec, Anges Québec Capital, and Aligo Innovation today announced a major joint investment in Ovensa, the company behind an innovative technology enabling the targeted delivery of therapeutic molecules.

The platform developed by Ovensa makes it possible to target hard-to-reach parts of the body such as the brain, which is a major medical challenge. Given its potential for delivering medication directly to targets such as glioblastoma cells (brain tumors) and to the Tau and beta amyloid proteins (associated with the development of Alzheimer’s disease), this innovation could be used to increase the efficacy of many treatments while reducing their toxicity.

“This renewed confidence and additional financing from our investors show that they’re satisfied with the results achieved, the company’s rapid growth, and the effective management of financial resources in our first year of operations,” said Stéphane Gagné, president and CEO of Ovensa. “The new round of financing will allow us to forge ahead with promising developments in the areas of cancer treatment, antibiotic resistance prevention, and the delivery of medications to the brain”.”

According to Marcel Larochelle, the angel investor overseeing financing for the project, “Ovensa has done a good job building on its business plan over the past 18 months, and the securing of patents in the United States and Europe is an important step in protecting their intellectual property. We’re happy to support them in their development, not only for the economic potential of their technology, but for the potential impact it could have on the health of millions of people.”

“The investors have come to really trust this entrepreneur,” said Kalthoum Bouacida, vice president of investment at Anges Québec Capital. “In the first round, the company delivered the goods, and their go-getter attitude really impressed the members of Anges Québec, who firmly believe this innovative technology will be a success. We’re very proud to support Anges Québec members taking part in this second round of financing.”

Priyum Koonjul, director of business development and investment at Aligo, added, “We’re very proud to participate in the second round given how quickly the Ovensa team achieved the goals set for the initial investment in 2016. The product has already demonstrated promising results in a number of applications, and the company and its team have shown a lot of scientific, technological, and personal maturity.”

Through the various stages of development in this breakthrough technology, Ovensa will continue testing the program’s efficacy against metastatic breast cancer while allowing pharmaceutical companies to use its TRIZANTM delivery platform to develop better targeted drugs that are more effective and have fewer side effects.

About Ovensa

Ovensa Inc. is a Canadian, preclinical stage company that capitalizes on its proprietary TRIOZANTM Nanomedicine Delivery Platform, with mucosal and brain-barrier crossing properties, to generate advanced nanotherapeutics, that enhance the bioavailability and the targeted intracellular uptake of small molecules and biologics through oral and other routes of administration. Ovensa mainly focuses on oncology. Its development programs also aim at generating validation data in neurodegenerative diseases and antibiotic resistance.

About Anges Québec Capital

Anges Québec Capital is an investment fund set up to invest alongside the members of Anges Québec. Sponsored mainly by the Government of Quebec, Caisse de dépôt et placement du Québec, and Fonds de solidarité FTQ, the fund supports angels who invest in innovative Quebec businesses in the startup phase. The joint efforts by the angels and fund sponsors result in $125 million made available to entrepreneurs, allowing them to benefit from more substantial financial leverage in order to considerably grow their businesses.

About Aligo Innovation

Aligo Innovation, limited partnership, valorizes research results of 10 universities and their institutional partners from all areas of innovation. Aligo provides its academic partners and their affiliates with human and financial resources to accelerate and facilitate the commercialization of technologies with high potential and to improve their competitiveness. With its industry knowledge and strong network, Aligo helps bring these discoveries and developing technologies from the academic realm into the business world.

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Marco Parent
514 349-7778
mparent@tactconseil.ca