Flashpoint Therapeutics has secured $10m in a seed funding round led by Saudi Arabian deep tech venture capital company Beta Lab to develop nanotechnology-enabled medicines.

Private equity investor Russell Carson’s CS Venture Opportunities Fund also participated in the financing round.

The company plans to use the funding proceeds to progress its first oncology therapeutic candidate.

The newly raised capital will then be allocated to select a second development candidate, progress internal and collaborative discovery programmes and grow the team. 

The investment will also bolster the company’s nanotechnology platform for developing multi-targeted peptide, ribonucleic acid and clustered regularly interspaced short palindromic repeats-based medicines.

Flashpoint’s nanostructures are all-in-one preparations that kinetically control and jointly offer exact drug component combinations. 

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Its initial candidate will be cancer immunotherapy, which can offer a mixture of immune stimulatory molecules designed to elicit a strong immune response against tumours. 

The company’s immunotherapies leverage the same therapeutic components that are not effective in traditional formulations. The new therapies have demonstrated potential in treating lymphoma, melanoma, glioma and breast, prostate and colon cancers.

The best candidates will be progressed into clinic, based on the available data.

Flashpoint Therapeutics CEO and founder Adam Margolin stated: “Biotechnology has created tools capable of modulating any disease process. To translate these tools into cures, we need to get the right combinations into the right cells in the right structure to induce their function at the right time. 

“By solving these challenges for the first time, Flashpoint’s technology has consistently transformed ineffective components into highly effective therapies based on preclinical studies. This substantial investment will allow us to move our candidates into clinic.”