TORONTO, Oct. 20, 2020 /PRNewswire/ - AmacaThera Inc. is pleased to announce approval from Health Canada to proceed to a Phase 1 clinical trial with its lead asset, a long-acting anesthetic formulation for the treatment of post-surgical pain.
"This huge milestone was achievable due to all of the hard work and the relentless nature of the AmacaThera team," co-founder and CEO Dr. Mike Cooke remarked.
"In a matter of 18 months, AmacaThera has gone from a proof-of-concept technology housed at the University of Toronto to a clinical-stage company. This important milestone validates the strong scientific basis of the technology and supports our confidence in the team," stated Peter van der Velden, Managing Partner, Lumira Ventures.
Mike Serrano-Wu, Partner, Sprout BioVentures (Boston) said: "We congratulate AmacaThera on reaching this key milestone and are excited that its quest to bring better solutions to patients will not be slowed by COVID-19."
Co-founder and CSO Dr. Molly Shoichet added: "We are thrilled to bring our lead indication to the clinic as this substantiates what we have seen in the lab. Amaca gel has shown broad utility with an array of small-molecule drugs, biologics and cells for many different indications. We are excited to explore these opportunities and diversify our product pipeline with corporate partnerships."
AmacaThera is funded by Lumira Ventures, Sprout BioVentures/Viva BioInnovator and Grey Sky Venture Partners.
About Lumira Ventures
Lumira Ventures, Canada's largest and most active health-care venture-capital firm, invests in best-in-class North American companies developing innovative therapeutics and medical technologies whose products offer transformative improvements to patient health outcomes and/or meaningful reductions to the overall cost of healthcare delivery.
About Sprout BioVentures
Sprout BioVentures is focused on propelling high-potential companies from idea to value creation. With a particular emphasis on seed-stage investments, Sprout BioVentures leverages proprietary technology and nimble incubator resources to efficiently de-risk drug discovery efforts.
About Viva BioInnovator (VBI)
Viva BioInnovator is Viva Biotech's investment and incubation division dedicated to investing globally in biotech innovation with novel solutions to unmet medical needs cross multiple therapeutic areas.
About Grey Sky Venture Partners
Grey Sky Venture Partners is an early-stage investment fund providing capital and intellectual property to passionate entrepreneurs building innovative, next-generation life-sciences companies that will create an impact in the complex and rapidly changing health-care system.
SOURCE AmacaThera Inc.