By Lisa Kerner
Erie, Pa., May 18 - Allostera Pharma closed a final round of $2.1 million seed financing.
Participating in the financing round were CQVB (Centre Quebecois de Valorisation des Biotechnologies) and Valorisation HSJ, a limited partnership acting through its general partner Gestion Univalor.
Proceeds will enable the company to continue its preclinical work on compounds discovered using its proprietary Module X Technology platform, which has generated highly specific peptides with average positive hit rates of 20% to 50%.
The company plans an additional round of $4 million series A financing and a round of $3 million series B financing to finalize its preclinical work and file an Investigational New Drug application within the next 18 months, according to a company news release.
Montreal-based Allostera is a privately held company focusing on the discovery and development of allosteric (ant)agonists to growth factor and cytokine receptors.
| Issuer: | Allostera Pharma
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| Issue: | Seed financing
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| Amount: | $2.1 million
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| Investors: | CQVB (Centre Quebecois de Valorisation des Biotechnologies), Valorisation HSJ through its general partner Gestion Univalor
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| Announcement date: | May 18
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