Feldan Therapeutics gets CA$16.5M for unique biopharma tech

 Feldan Therapeutics gets CA$16.5M for unique biopharma tech

Image courtesy: Feldan Therapeutics

Feldan Therapeutics, an innovative Canadian biopharma company has announced the initial closing of a CA$16.5 million Series B investment. The company specializes in the development of treatments based on intracellular delivery of therapeutics.

Investissement Québec, Amgen Ventures (United States), GC Cell (South Korea) and FSIT2 have joined existing shareholders. Together, the group is supporting Feldan’s mission to bring breakthrough treatments to clinical development.

“Feldan is excited to welcome a new group of investors to our existing syndicate as we are reaching an important milestone in our development. We are very proud that despite the challenges that arose from the COVID pandemic and the current economic environment, a Québec-based company has been able to create a promising clinical-stage therapeutic and is now positioned to accelerate its development towards clinical trials. This highlights the great talent and resilience of our team, in addition to further establishing the potential of our technology.”

Francois-Thomas Michaud, Chief Executive Officer and co-founder of Feldan

Feldan Therapeutics will use this funding to conduct clinical phases I/II for Feldan’s FLD-103, an intralesional treatment for basal-cell-carcinoma (BCC). In addition, it will utilize the funds to advance FLD-103’s pulmonary program to the preclinical stage.

“The life sciences are a strategic industry for Québec’s economy, and Feldan is a promising company in this sector. Investissement Québec’s support illustrates the critical role we play in bolstering local biopharmaceutical companies and bridging gaps in the financing chain. We are proud to support Feldan as their first product enters clinical trials and they continue to develop their technology.”

Guy LeBlanc, President and CEO of Investissement Québec

Also read: BenchSci raises CA$95M funding for better drug discovery AI

Revolutionary peptide-based intracellular delivery tech developed by Feldan Therapeutics

Feldan has engineered a revolutionary peptide-based intracellular delivery technology. It’s highly effective at delivering different types of molecules to various organs, allowing them to reach untapped intracellular therapeutic targets. The company has made notable breakthroughs in delivery of Antisense Oligonucleotides (ASOs) to skin basal cells and lung epithelial cells.

The company shares that BCC is the most common skin cancer and affects nearly 3.6 million people in the US and Canada each year. The BCC tumors are mainly found in sun-exposed skin areas such as the face, neck and scalp. Moreover, surgery is currently the most effective treatment for removal of these tumors. However, it is disfiguring and invasive in nature, leaving patients with scarring and long recovery time. FLD-103 offers patients a nonsurgical, effective and minimally invasive therapeutic option that improves quality of life.

Feldan has designed the Feldan Shuttle, a proprietary, peptide-based technology that enables safe and efficient delivery of various compounds inside cells. This technology unlocks the development of a new generation of therapies by giving access to intracellular targets beyond the reach of existing drugs.

Located in Québec City, Feldan’s developmental pipeline focuses on diseases affecting skin and lungs.

Investissement Québec is a Québec government corporation and plays an active role in Québec’s economic development. It aims to stimulate business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports for the province. Equisoft, Goodfood, and MEDFAR Clinical Solutions have been its recent 2023 investments. The government corporation was also under pressure last month from the opposition to justify the million-dollar remuneration of its CEO.

This news adds to the recent spate of funding raised by Quebec-based Canadian technology companies, including GSoft, FemTherapeutics, Novisto, Koios Insurance, Nuvei, and Omy Laboratoires, among others.

Also read: AbCellera news: Government to pour CA$300M in new campus


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