Health tech startup Nanology Labs procures C$3m in seed VC

Toronto-based health technology startup Nanology Labs has raised C$3 million in seed-stage financing.

Toronto-based health technology startup Nanology Labs has raised C$3 million in seed-stage financing. The round was led by FACIT, with participation from Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Center of Innovation and MEDTEQ. Nanology Labs is developing a smart nanomedicine to overcome tumor hypoxia, a cause of resistance in cancer treatment.

PRESS RELEASE

TORONTO–(BUSINESS WIRE)–Nanology Labs, an IND-stage company developing next generation nanomedicines to conquer cancer, announced today that its seed capital raise was oversubscribed at $3M. The round was led by FACIT with co-investors Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Center of Innovation, and MEDTEQ. The capital will advance development of T-MX (aka Manganescan), a smart nanomedicine designed to overcome tumor hypoxia, a common cause of resistance in cancer treatment. The financing is timely as T-MX completes GLP-toxicology and GMP-manufacturing in readiness for a Ph1/2 study in patients with oligometastatic brain cancer, planned to start at the Princess Margaret Cancer Center, recognized internationally for expertise in tumor hypoxia.

“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.” says Dr. Mohammad Amini, CEO and co-founder of Nanology Labs, “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.”

About Nanology Labs
Nanology Labs is leveraging a patented polymer-lipid platform technology to develop unique nanoparticles that are actively transported into cells where they release therapeutic and diagnostic payloads including proteins, nucleic acids, drugs, and imaging agents. Groundbreaking research on T-MX has been reported in leading scientific journals including the Journal of the National Cancer Institute, Cancer Research, Advanced Functional Materials, and ACS Nano.