HDAX Therapeutics, a Toronto, Canada-based biotechnology company, held the first closing of a US$3.2M (CA$4.3M) Seed funding.
The round was led by SeedFolio, FACIT, and Toronto Innovation Acceleration Partners, with participation from Eos Bioinnovation, Ontario Centre of Innovation, and other investors. In conjunction with the financing, Brock Reeve, CEO of Eos, and Prakash Gowd, Vice President at TIAP, have joined the HDAX Board of Directors. David Koehler, FACIT and Joe Gatto, SeedFolio will join as Board Observers.
The company intends to use the funds to support its progress towards preclinical development candidate nomination and further advancement of its pipeline programs.
Led by CEO Nabanita Nawar, HDAX is a therapeutics-focused company developing HDAC6-targeting therapeutics for neurological and cardiometabolic diseases via a novel mechanism for the discovery and development of therapeutics for high unmet medical needs. Harnessing its molecular recognition technology, HDAX has devised a next-generation binding mechanism that has the potential to discover best-in-class HDAC6 inhibitors. The company’s novel mechanism addresses key drug-design challenges of weak binding, poor pharmacokinetics, and off-target toxicities, paving the way for potentially transformative therapeutic benefits for patients.
FinSMEs
05/09/2024