HBC Immunology LLC, a majority owned subsidiary of Hofseth BioCare ASA, completed a seed capital financing of approx. USD 900k at a valuation of USD 20m.
The backers were not disclosed.
The company intends to use the funds to commence preclinical animal trials with their patented peptides, FT-002 and FT-005. These are analogs of peptides discovered by HBC in ProGo® Bioactive Peptides which modulate iron metabolism and have Qualified Health claims granted for this mode of action, verifying their safety and efficacy. The objective of this round’s use of proceeds is to demonstrate the bioactivity of the lead peptides in animal xenograft models of prostate cancer.
Led by CEO Dr. Bomi Framroze, HBCI is focused on the discovery and development of peptides that normalize tumor micro-environments, resulting in the improved performance of immunotherapies and chemotherapies. The first targeted indication is advanced prostate cancer with the aim to move into earlier stages of the disease and ultimately to both improve patient quality of life and survival. Other potential cancer indications with on-going in vitro work, include breast and ovarian cancer.
HBCI may increase this round of seed capital to the end of October 2023.
This seed capital is expected to fund HBCI to a decision to open a US FDA IND by the end of 2024.
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. HBC’s headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto. HBC is listed on Oslo Børs with ticker “HBC”.
FinSMEs
17/08/2023