Inositec, a pioneer in the development of life-saving small molecule drugs based on inositol hexaphosphate (IP6), announced today the closing of a CHF1.4 million (US$1.42 million) seed financing. Investors participating in the round included VI Partners via the Venture Incubator fund and Zürcher Kantonalbank. The proceeds will be used to progress a drug candidate from Inositec’s proprietary Inositune platform through preclinical proof-of-concept.
“Inositol hexaphosphate is a naturally occurring substance that acts as a messenger in cells and is involved in multiple biochemical pathways,” explained Dr. Mattias Ivarsson, CEO of Inositec. “Using this molecule as a starting point, we have created a new class of compounds that have been specifically designed to address various therapy areas. Our programs address significant medical needs in vascular calcification and Clostridium difficile infection. This financing will enable us to advance a lead candidate from one of these programs through preclinical evaluation and ready for progression to clinical studies.”
In conjunction with the financing. Michael Wacker, PhD, was appointed as Chairman of the Board of Directors. Dr. Wacker is a serial entrepreneur, co-founding several companies including GlycoVaxyn and Limmatech. He also coaches start-ups in Switzerland for CTI, the governmental commission of technology and innovation.
“Inositec has made tremendous progress since its founding in December last year. I have been very impressed by the broadly applicable technology as well as the dedicated manner in which the team is building the company,” stated Dr. Wacker. “Inositec’s compounds have significant promise in multiple therapeutic areas where there is a great need for new, effective medicines. I look forward to working alongside the management team to help deliver on this huge potential.”