VANCOUVER, July 10, 2013 /PRNewswire/ - viDA Therapeutics Inc. (viDA), a private biotechnology company, is pleased to announce the closing of a $1.8 million equity financing round. viDA is pursuing the discovery and development of novel, first-in-class drugs that inhibit the granzyme family of serine proteases for the treatment of several chronic inflammatory and age-related diseases. The financing was led by BDC Venture Capital and included support from a number of angel investors.
This new funding will support additional preclinical research to further demonstrate the mechanism by which extracellular Granzyme B (GzmB) contributes to the pathology of a number of inflammatory and age related conditions of the skin, musculoskeletal, cardiovascular and neurological systems.
"With the funds raised to date, viDA has demonstrated, through systemic and topical delivery of inhibitors specific to extracellular GzmB, efficacy in a number of relevant models of disease. We have also expanded our library of proprietary inhibitors of GzmB"," said Alistair Duncan, President and CEO of viDA Therapeutics Inc. "Demonstrating proof of concept in additional models of disease along with access to new proprietary inhibitors will provide a rich pipeline of potential treatment opportunities for certain fibrotic, autoimmune, degenerative and age-related chronic inflammatory diseases".
"viDA's technology continues to demonstrate an exciting and robust opportunity and we were pleased to lead this round as a show of our support for the company," commented Mr. Charles Cazabon, Managing Partner at BDC Venture Capital. "This investment is part of our strategy of partnering with the most promising Canadian entrepreneurs to commercialize innovative solutions and approaches to improving health outcomes."
About viDA Therapeutics
viDA Therapeutics, Inc. is a platform-based, biotechnology company that is developing first in class therapeutics, across a broad range of diseases, that capitalize on its recent discovery of a new mechanism of action for a well characterized protease target, Granzyme B (GzmB). This is emerging science potentially leading to new treatments for fibrotic, autoimmune, degenerative and age-related chronic inflammatory diseases and is pivotal in understanding the underlying causes of diseases affecting vasculature, skin, musculoskeletal and potentially neurological systems. GzmB is one of a family of five serine proteases now emerging as key targets for drug development given recent discoveries of their extracellular actions. viDA is developing a suite of granzyme inhibitors designed for multiple routes of administration to treat chronic and orphan skin conditions, fibrosis, rheumatoid arthritis, and cardiovascular disease. For more information, please visit www.vidatherapeutics.com.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health, and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures.Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
SOURCE viDA Therapeutics Inc