— Financing Provides for the Advancement of Clinical Trials –
GROSSE POINTE FARMS, Mich., June 7, 2023 /PRNewswire/ — SciTech Development today announced it has closed a $2.73M funding round, led by several prominent life science investors to advance clinical trials for Non-Hodgkin Lymphoma and Small Cell Lung Cancer.
SciTech’s capital investment is led by life science investors Storm Lake Capital (SLC), HRN Family Office, The National Foundation for Cancer Research (NFCR), along with Pointe Angels and other accredited investors. This funding round will accelerate SciTech’s first clinical trials of ST-001 nanoFenretinide for the treatment of T-Cell Non-Hodgkin Lymphoma. In addition, SciTech is commencing a second $3M Convertible Note Round (CNR), and a $14M Series A raise as the Company approaches the dosing of the first set of patients in the upcoming clinical trials.
“HRN family office focuses on investing in the Biotech and MedTech sectors, with a focus on the oncology and therapeutics space. We believe SciTech’s dedication to developing cancer treatments for patients, combined with their utilization of advanced nanotechnology, make them an attractive partner for companies seeking to expand their oncology pipelines,” said Salvatore M. Buscemi, CEO, and Co-Founding Partner at HRN, LLC. “SciTech has a remarkable team, and their journey has been incredible. We’re proud to have supported them from day one. With this new group of institutional investors and their strong track record in life sciences, we believe there’s no limit to what SciTech can accomplish.”
ST-001 is SciTech’s patented, nanoparticle-formulated lead drug candidate, which has achieved a breakthrough in solving the bioavailability issues of the drug fenretinide without system-related toxicities. Drug shipment of ST-001 is expected in Q3 2023, with initial trials set to begin shortly thereafter. (ClinicalTrials.gov Identifier: NCT04234048). A Phase 1 clinical trial for Small Cell Lung Cancer will follow immediately after the T-Cell Non-Hodgkin Lymphoma trial.
“We’ve been overwhelmed by the interest from the investor community and are glad to welcome some incredible investors to join us as we take the next major leap. Our investors clearly understand the magnitude of our Phase 1a/b trials and the speed at which we’re moving to get ST-001 to patients with cancer. Every minute counts,” said Earle Holsapple, President of SciTech Development. “We are confident that our relationships with current and future investors will grow as we move forward, not only with ST-001 but with other drugs in our pipeline.”
About SciTech Development
SciTech Development LLC is a specialty pharmaceutical company that has developed a patented nanoparticle drug delivery platform (SDP) that maximizes the bioavailability of water-insoluble therapeutics. SciTech’s lead drug candidate, ST-001 nanoFenretinide, combines the delivery system with fenretinide as a broadly applicable cancer-fighting drug. ST-001 has FDA Investigational New Drug (IND) approval and Orphan Drug designation. More information about SciTech can be found at www.SciTechSDP.com
CONTACT: SciTech Development: Investor Relations, David Schaffer, [email protected]
SOURCE SciTech Development
