Bengaluru: Immusoft, a Biotech startup, just raised $2.7 million out of its $3 million funding round led by San Francisco-based Founders Fund’s FF Science and Technium Partners. This fresh funding will help Immusoft to prepare for a new drug trial with the Food and Drug Administration. Also, the company said that it will be closing the remaining funding amount shortly.
“The capital raised in this round will give us the resources we need to submit our Investigational New Drug application. We are grateful to our investors and for the speed in which we were able to close our latest effort to raise capital,” says Matthew Scholz, Founder & CEO of Immusoft.
Founded in 2009 by Matthew and based in Seattle, Immusoft is focused on Gene therapy with mission to treat diseases using its breakthrough technology platform called Immune System Programming (ISP). The technology is designed for addressing the current challenges faced with the production and delivery of conventional protein therapeutic drugs (biologics). This technology instructs a patient’s cells to produce gene-encoded medicines (biologics). ISP programs cell to become miniature drug factories that are expected to survive in patients for long time.
Since its founding, Immusoft has raised total of $6 million in four funding rounds. Earlier in August last year, the company had raised $375,000 in a debt financing round from unnamed investors. Also in March this year, the company had acquired Discovery Genomics Inc., a gene therapy firm in Minneapolis. Immusoft is looking forward to raise at least $10 million in Series B funding in next year.
“Immusoft continues to explore working with potential partners. The money raise in this round, positions the company well as it moves forward with clinical and business operations and to its Series B,” adds Matthew.