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Pharma Tech Outlook | Wednesday, June 16, 2021
The funding round will help CyGenica validate its patent technology, which allows for safe, targeted, and cost-effective intercellular drug delivery.
FREMONT, CA: CyGenica, an Indo-Irish biotech startup, has announced that it has raised USD 1.4 million in a seed fund investment round led by global venture capital investor SOSV. The funding round will help CyGenica validate its patent technology, which allows for safe, targeted, and cost-effective intercellular drug delivery.
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CyGenica’s innovative technology addresses the difficulty of delivering large-molecule therapies into living cells without harming them or causing an undesirable immune response. SOSV, a venture capital firm, led the current investment seed round, which raised USD 1.4 million. The VOYAGER Health-Tech fund, David Rowan, founder of Voyagers.io, and angel investors Sharaf Yamani and Sami Mikati were among the other investors in the round.
CyGenica plans to use the funds to further develop its disruptive drug delivery technology for genome editing and become a key partner of biopharmaceutical companies in developing cutting-edge therapeutics for cancer and rare diseases that will improve patients’ health and quality of life.
Talking about the latest development Dr. Nusrat Sanghamitra, Co-founder and CEO of CyGenica, said: “The challenge of delivering drugs for cancer and genetic therapies, be it genes/RNAs/CRISPRs across cell membranes without damaging the cells and triggering an adverse immune response remains a complex hurdle in the pharmaceutical industry. Our groundbreaking technology functions like a universal USB drive. It acts as a nanomachine which can deliver multitudes of cargoes carrying molecular information such as drugs and genetic therapeutics in an efficient, targeted manner without any toxicity and minimum immunogenicity. This will revolutionize drug delivery and lead to better patient outcomes.” Nusrat further emphasized, “This current financing round has brought a diversified international network on board. This will help de-risk our technology, expand our leadership team and take us significantly closer to our goal of enabling safe and targeted intracellular delivery of genetic therapies for cancer and rare diseases.”
“I am delighted to be leading this investment because CyGenica has solved one of the most pressing problems in biotech: delivery. We are incredibly excited to be part of this revolution,” explained Bill Liao, Partner SOSV.
David Rowan, Founder of Voyagers.io, said, “Life-changing health-care innovation is not only coming out of the established life-science hubs. The VOYAGERS Health-Tech Fund is particularly excited to support CyGenica, a remarkable company born in Odisha, India, with the potential to transform targeted drug delivery without the normal side effects that cancer and other patients have had to bear. The VOYAGERS community will do all we can to support Dr Nusrat Sanghamitra and her team in their important mission.”
“Nusrat is solving for one of the most valuable problems in therapeutics today. Her approach is completely novel, which is a reflection of her interdisciplinary background,” said Sami Mikati, a life sciences angel investor.
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