FACIT, a commercialization venture firm focused on advancing Ontario's top-tier oncology innovations, announced a new follow-on investment in start-up Nanology Labs ("Nanology"). FACIT led the $3M seed round, alongside co-investors Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Centre of Innovation, and MEDTEQ. FACIT has previously supported Nanology, spun out of the University of Toronto, through both its early-stage Prospects Oncology Fund and seed-stage Compass Rose Oncology Fund.
TORONTO — Nanology Labs, an IND-stage company developing next generation nanomedicines to conquer cancer, announced today that its seed capital raise was oversubscribed at $3M. The round was led by FACIT with co-investors Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Center of Innovation, and MEDTEQ.
The capital will advance development of T-MX (aka Manganescan), a smart nanomedicine designed to overcome tumor hypoxia, a common cause of resistance in cancer treatment. The financing is timely as T-MX completes GLP-toxicology and GMP-manufacturing in readiness for a Ph1/2 study in patients with oligometastatic brain cancer, planned to start at the Princess Margaret Cancer Center, recognized internationally for expertise in tumor hypoxia.
Toronto-based healthtech startup Nanology Labs has raised a $3 million seed round of funding. The round was led by commercialization venture firm FACIT, with participation from Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Center of Innovation, and MEDTEQ.
The fresh capital will be used by Nanology Labs to advance the development of its smart nanomedicine, called T-MX, which is designed to overcome tumour hypoxia, a common cause of resistance in cancer treatment.
According to Mohammad Amini, CEO and co-founder of Nanology Labs, the startup’s polymer-lipid platform develops nanoparticles that are transported into human cells. Its T-MX product specifically is designed for cancer cells and generates molecules that “reprogram” hypoxic tumours. The product is aimed to boost immunogenic cell health and makes it easier for solid tumours to be destroyed by radio, chemo, and immunotherapy.
In 2019, Nanology Labs received an undisclosed investment from the FACIT Prospects Oncology Fund. In 2018, the startup was one of six to receive $50,000 from the Ontario Brain Institute as part of its early-stage neuro-technology entrepreneur awards.
FACIT, a commercialization venture firm focused on advancing Ontario’s top-tier oncology innovations, announced new follow-on investments in start-ups Xpan Inc. (“Xpan”) and Nanology Labs (“Nanology”). Spun out of the University of Toronto, both start-ups have previously received funding through FACIT’s proof-of-concept Prospects Fund that enabled the companies to address key commercialization challenges. Upon successfully achieving initial business targets, these start-ups and their respective technologies have been elevated to an equity-based investment through FACIT’s seed stage Compass Rose Fund.
Nanology has developed a first-in-class theranostic agent enabling real-time tumor detection and radio-sensitization. In animal models, this agent is safer and more sensitive than MRI contrast agents currently available. It simultaneously oxygenates the tumor area leading to an improvement in radiation therapy efficacy. “FACIT’s follow-on investment is critical in enabling our technology to reach its next inflection point, moving closer to the clinic and positioning our company for further investment,” said Dr. Mohammad Ali Amini, Co-Founder and CEO of Nanology.
Nanology Labs receives $50,000 from the Ontario Brain Institute's ONtrepreneurs program - Canada’s largest single award focused on neurotechnology.
Canada’s most prestigious early-stage neurotechnology entrepreneur awards were announced today by the Ontario Brain Institute (OBI). The ONtrepreneurs program, the single largest funder of early-stage neurotech entrepreneurs in Canada, is investing in six early-stage ventures this year to help accelerate their path to commercialization through access to funding, resources, and mentorship.