QUÉBEC CITY, June 13, 2023 /PRNewswire/ - Feldan Therapeutics, a biopharmaceutical company that specializes in the development of treatments based on intracellular delivery of therapeutics, has announced the initial closing of a $16.5 million Series B investment. The funds will primarily be used to conduct clinical phases I/II for Feldan's FLD-103, an intralesional treatment against basal cell carcinoma (BCC), and to advance its pulmonary program to the preclinical stage.
New investors Investissement Québec, Amgen Ventures (United States), GC Cell (South Korea) and FSIT2 join the renewed support of GC Holdings (South Korea) and other existing shareholders to help Feldan 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," said Francois-Thomas Michaud, Chief Executive Officer and co-founder of Feldan. "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."
Since having engineered a revolutionary peptide-based intracellular delivery technology, Feldan is determinedly working towards the development of treatments for patients with unmet medical needs. Feldan's proprietary technology has been proven 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 the delivery of Antisense Oligonucleotides (ASOs) to skin basal cells and lung epithelial cells.
Feldan's focus is on the completion of clinical phases I/II of intralesional FLD-103 to treat basal cell carcinomas (BCC). BCC, the most common skin cancer and most frequent form of all cancers, affects 3.6 million people in the US and Canada each year and results in the development of tumors mainly in sun-exposed skin areas such as the face, neck and scalp. Patients affected by BCC mostly rely on surgery for removal of tumors, an effective yet disfiguring and invasive procedure leaving patients to deal with scarring and long recovery time. With FLD-103, Feldan aims to improve patients' quality of life by offering them a nonsurgical, effective and minimally invasive therapeutic option.
Feldan will also be working on advancing its pulmonary delivery program towards preclinical development and further leveraging its intracellular delivery technology to offer life-changing therapeutics to patients.
"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.
"We are delighted that Amgen is investing in this leading Quebec-based biotech company," stated Ugur Gunaydin, General Manager of Amgen Canada. "As one of the world's leading biotechnology companies, Amgen is fundamentally value based and deeply rooted in science and innovation to transform new ideas and discoveries into medicines for patients with serious illnesses. Feldan's novel and unique drug delivery technology is an example of the important innovation coming from Quebec's Life Sciences sector. We are very excited to see this technology's potential expanding in the development of next generation therapies for patients everywhere with unmet medical needs."
ABOUT FELDAN THERAPEUTICS
Feldan, located in Québec City, Canada, is a biopharmaceutical company pioneering the development of treatments based on the intracellular delivery of therapeutics. 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. Feldan's pipeline focuses on diseases affecting skin and lungs.
ABOUT INVESTISSEMENT QUÉBEC
Investissement Québec's mission is to play an active role in Québec's economic development by stimulating business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all of the province's administrative regions, the corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the corporation prospects for talent and foreign investment, and assists Québec businesses with export activities.
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SOURCE Feldan Therapeutics
