Find Therapeutics Secures $8.1 Million for FTX-101 Development

Find Therapeutics Completes $8.1 Million Financing Round

Find Therapeutics Inc., a biopharmaceutical firm specializing in innovative therapies for autoimmune diseases, recently announced a successful closure of a significant financing round. This new funding, amounting to $8.1 million in a convertible note, was led by Investissement Québec, alongside participation from existing investors, including CTI Life Sciences Fund and adMare BioInnovations. The capital raised will primarily aid in advancing FTX-101 into its Phase 1 clinical studies.

Excitement for Future Clinical Trials

Philippe Douville, the CEO of Find Therapeutics, expressed enthusiasm about this new collaboration with Investissement Québec. He highlighted the importance of this investment in accelerating FTX-101 into clinical phases, particularly emphasizing the potential impact on patients needing myelin repair therapies. Douville remarked, "With the recent clearance of the IND by the FDA, this funding empowers us to move swiftly in delivering transformative therapy to those in need."

About Phase 1 Clinical Studies

The initiation of the Phase 1 clinical trial for FTX-101 is expected in the fourth quarter of this year. This trial aims to assess various parameters including safety, tolerability, and pharmacokinetics of the treatment across different dosage levels administered to healthy volunteers. Such evaluations are crucial for determining the next steps in the drug development process.

Support from Investissement Québec

Bicha Ngo, President and CEO of Investissement Québec, reiterated the organization's commitment to supporting innovative biotech enterprises. He acknowledged the significance of fostering such growth in young companies like Find Therapeutics, stating that their involvement is critical in bridging the gap in capital availability. Their goal is to empower Find in launching its clinical studies while positioning the company for future growth and advancements in visual health therapies.

Understanding FTX-101

At the forefront of Find Therapeutics’ research is FTX-101, a pioneering remyelinating agent aimed at restoring vision in patients suffering from Chronic Optic Neuropathy (CON). FTX-101 is designed as a therapeutic peptide targeting Plexin A1 and Neuropilin 1, both integral to processes governing the migration and differentiation of oligodendrocyte precursor cells, key players in myelin formation.

Preclinical Success

Preclinical studies demonstrate promising results for FTX-101, unveiling its robust capabilities in promoting myelin repair within demyelinating animal models. This encouraging data underscores the potential efficacy of the compound and fuels a sense of optimism surrounding its upcoming clinical trials.

Investissement Québec's Role in Innovation

Investissement Québec is committed to fostering economic growth within the province through a variety of means, including encouraging innovation, entrepreneurship, and internationally competitive business practices. By offering customized financial solutions and strategic support, the Corporation plays an instrumental role in nurturing companies at different stages of their growth. Their extensive support extends to areas like export operations and technological assistance, aiming to uplift businesses throughout the province.

Find Therapeutics Overview

Established in 2020, Find Therapeutics is focused on the development of cutting-edge therapies for inflammatory autoimmune conditions. The company's inception was backed by investments from CTI Life Sciences and adMare BioInnovations. It also holds an exclusive license from Strasbourg University, based on research initially conducted by Dr. Dominique Bagnard. The company's ongoing commitment is to advance next-generation medical treatments and enhance patient outcomes.

Frequently Asked Questions

What is FTX-101?

FTX-101 is an innovative remyelinating agent developed by Find Therapeutics, aimed at restoring vision in patients with Chronic Optic Neuropathy.

How much funding did Find Therapeutics secure?

Find Therapeutics secured $8.1 million in convertible note financing to support the clinical development of FTX-101.

Who is leading the financing round for Find Therapeutics?

The financing round is led by Investissement Québec, along with participation from existing investors CTI Life Sciences Fund and adMare BioInnovations.

When is the Phase 1 clinical trial expected to start?

The Phase 1 clinical trial for FTX-101 is anticipated to commence in the fourth quarter of the current year.

What is the mission of Investissement Québec?

Investissement Québec aims to drive economic development in the province through innovation stimulation, entrepreneurship support, and investment growth.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.