Biotech Startup Nanology Labs Raises $3 Million in Oversubscribed Seed Round

By Mariliana Fotopoulou Monday, May 17, 2021

Nanology Labs announced Monday it raised $3 million in an oversubscribed seed business funding round headed by FACIT, along with participation from co-investors Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Center of Innovation, and MEDTEQ.

A doctor looking through a microscope.

Ramp Up Development of Drugs to Treat Cancer

The biotech startup company said it would use the raised business proceeds to speed up the development of T-MX (aka Manganescan), a smart nanomedicine developed by the biotech startup business to treat tumor hypoxia, a common cause of resistance in cancer treatment.

The business funding comes at the right moment for the startup company as T-MX completes GLP-toxicology and GMP-manufacturing in preparation for a Ph1/2 study in patients suffering from oligometastatic brain cancer.

“Nanoparticles derived from our platform technology are actively transported into cells and across the blood-brain barrier. Our lead product, T-MX, accumulates in cancer cells, where it becomes detectable by MR-imaging and generates oxygen molecules that reprogram hypoxic tumors from cold to hot. This, in turn, boosts immunogenic cell death and greatly sensitizes solid tumors to destruction by radio, chemo, and immunotherapy.” said Dr. Mohammad Amini, chief executive and co-founder of the company.

The biotech business startup utilizes a polymer-lipid platform technology to create special nanoparticles that can be transported into cells where they discharge therapeutic and diagnostic payloads, including proteins, nucleic acids, drugs, and imaging agents.

A number of top scientific journals have published reports on T-MX research, including the Journal of the National Cancer Institute, Cancer Research, Advanced Functional Materials, and ACS Nano. This has further enhanced the media exposure for the Canadian startup company.

“Extensive safety, efficacy, and manufacturing studies have de‑risked T-MX to the extent that we are confident it could provide greater therapeutic efficacy and longer patient survival, offering healthcare professionals a potentially curative therapy across a broad range of cancers,” Amini added.

In December 2020, the startup company published results from its Phase 1/2 clinical trial of SOR007 (topical submicron particle paclitaxel), developed to treat cutaneous metastases.

SOR007 was well-tolerated among 23 subjects who participated in the trial, allowing the highest concentration of the medicine (2.0%) to continue to the dose expansion phase of the trial. No severe adverse events occurred in the trial, while local skin reactions were minor and the negligible systemic absorption of paclitaxel was confirmed.

The lesion response with 56 days of treatment has proven to be superior compared to 28 days of treatment, suggesting a doses response/duration relationship. The best response among subjects for the group that has undergone the 56-day treatment stood at 54%, compared to 27% for the 28-day treatment group.

Last year, there were an estimated 275,480 US citizens suffering from breast cancer, of whom 6% to 10% (16,600 to 27,700) will be diagnosed with metastatic breast cancer (MBC). Moreover, about 168,000 people in the US were reported to be living with MBC, while cutaneous metastases may develop in up to a quarter of that number.

Summary

Nanology Labs, a biotech startup company that develops nanomedicines to fight cancer, said it raised $3 million in an oversubscribed seed business funding round led by FACIT.

About the Author


Headshot of Mariliana Fotopoulou

Mariliana has an MSC in Consumer Analytics and Business Strategy. She has a special interest in fast-moving industries and Big Data.

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