HDAX Therapeutics, a biotechnology company pioneering a novel approach to targeting HDAC6 to discover and develop breakthrough therapeutics for high unmet medical needs, announced the first closing of an oversubscribed $3.2 million (CA$4.3 million) seed round. The funding was led by SeedFolio, FACIT, and Toronto Innovation Acceleration Partners (TIAP), with participation from Eos Bioinnovation, Ontario Centre of Innovation (OCI), and other investors.
The proceeds from this funding will support the company’s progress towards nominating preclinical development candidates and further advancing its pipeline programs.
In connection with the financing, Brock Reeve, CEO of Eos, and Prakash Gowd, Vice President at TIAP, have joined the HDAX Board of Directors. David Koehler, FACIT and Joe Gatto, SeedFolio will join as Board Observers.
Several recent advances in HDAC biology have highlighted the critical role of HDAC6 in microtubule dysfunction, validating the therapeutic potential of this target in inflammatory disease, metabolic dysfunction, and neurological disorders. And the involvement of HDAC6 in multiple disease states has led to the pursuit of HDAC6-selective drugs by several companies. But drug development efforts targeting HDAC6 have faced significant challenges, such as poor efficacy, off-target toxicities, and inadequate drug exposure.
Drawing on 7+ years of research originating from the lab of renowned serial entrepreneur Professor Patrick Gunning at the University of Toronto, HDAX was purpose-built to address the challenges of developing effective drugs targeting HDAC6. Utilizing its unique molecular recognition technology, HDAX has devised a next-generation binding mechanism that has the potential to discover best-in-class HDAC6 inhibitors. And HDAX’s novel mechanism addresses key drug-design challenges of weak binding, poor pharmacokinetics, and off-target toxicities, paving the way for potentially transformative therapeutic benefits for patients.
KEY QUOTES:
“HDAX Therapeutics is at the forefront of developing next-generation HDAC6-targeting therapeutics to improve patient outcomes. Our novel binding mechanism allows us to effectively and safely target the underlying drivers of disease, positioning us to be potentially best-in-class in the HDAC6 space. Securing this financing highlights our truly differentiated innovation and the broad applicability of our technology. With this capital, we are well-positioned to advance our pipeline toward development candidate nomination and ultimately deliver meaningful and safe disease-modifying therapies to patients.”
- Nabanita Nawar, co-founder and CEO of HDAX
“HDAX has made tremendous progress in discovering potent and selective HDAC6 inhibitors, leapfrogging other companies pursuing the target. HDAX’s molecules will not only advance our understanding of HDAC6 biology but also unlock the target’s potential in addressing a number of diseases with high unmet needs.”
- Roman Fleck, Executive Chairman of HDAX
“We are incredibly proud to have been able to support HDAX since its inception – first through our University of Toronto Early-Stage (UTEST) program, and now through this pivotal financing. It is a tremendous example of the type of highly innovative and highly promising life sciences ventures we are building in collaboration with our ecosystem partners.”
- Prakash Gowd, TIAP Vice President
“FACIT commercializes Ontario’s leading oncology ventures, and HDAX’s compelling preclinical profile and strong scientific foundation align with our goals to impact patients. We look forward to working with the management team and alongside other ecosystem partners to realize the full clinical potential of HDAX’s pipeline.”
- David O’Neill, FACIT President
