AmacaThera has secured C$4m ($2.94m) in a Series A extension funding round to progress the development of a non-opioid therapy, AMT-143, for post-surgery pain management.
New investor Paul Austin led the financing round with participation from current investors Inveready, Lumira Ventures, MaRS IAF, StandUp Ventures and the Women in Technology Venture Fund of BDC Capital.
AmacaThera will use the funding capital to advance the clinical development of its lead candidate, AMT-143, a long-acting, localised therapeutic.
The company will also progress the development of pipeline programmes for the injectable, local and sustained release market.
AMT-143 has been developed using the company’s AmacaGel platform technology. It potentially offers a longer duration of pain relief following surgical procedures and reduces opioid use during recovery.
Pre-clinical research showed that AMT-143 offers superior release kinetics versus the existing standard of care, resulting in quick pain relief onset with durable pain control for up to three days.
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The company dosed the first subjects in a Phase I first-in-human clinical trial to ascertain the safety of AmacaGel in March 2023.
A Phase Ib clinical trial of the therapeutic will begin in early 2024.
AmacaThera CEO and co-founder Dr Michael Cooke stated: “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.
“This investment will enable us to expand and accelerate our efforts in developing new long-acting injectable products.”
The clinical-stage company’s AmacaGel injectable hydrogel platform offers local, sustained drug delivery to boost outcomes in patients across treatment fields including post-surgical pain management, cancer and unmet medical needs.
Paul Austin stated: “AmacaThera is developing a product that fulfils both societal and medical needs for a large market.”