Tech Company Financing Transactions
SciTech Development Funding Round
SciTech Development closed a $3.2 million funding round on 6/4/2024. Investors included Pointe Angels, Storm Lake Capital and private investors.
Transaction Overview
Company Name
Announced On
6/4/2024
Transaction Type
Venture Equity
Amount
$3,200,000
Round
Undisclosed
Investors
Pointe Angels (Lead Investor)
Storm Lake Capital (Lead Investor)
Proceeds Purpose
The company intends to use the funds to advance its Phase 1b clinical trials of ST-001 for T-NHL and subsequent clinical trials for small cell lung cancer.
Company Information
Company Status
Private & Independent
Industry
Biopharmaceutical
Mailing Address
2401 W. Belvedere Ave
Baltimore, MD 21215
USA
Baltimore, MD 21215
USA
Phone
Undisclosed
Website
Email Address
Overview
SciTech Development LLC was formed as a spin-off from the Karmanos Cancer Institute (KCI) and Wayne State University (WSU). As a recipient of a U.S. Small Business Innovation Research (SBIR) grant, SciTech's research focused on oncology drugs, specifically on fenretinide. Fenretinide had shown great promise as a cancer drug. However, fenretinide does not easily dissolve in the body, so it cannot get to cancer cells in high enough doses, which severely limited its effectiveness. The National Cancer Institute (NCI) issued a challenge to find a way to deliver fenretinide to cancer cells in greater concentrations, but without adverse or toxic side effects. SciTech subsequently received an SBIR grant from the NCI and successfully delivered on the promise of fenretinide. We developed and patented our first drug candidate ST-001 nanoFenretinide and proprietary SciTech Drug Delivery Platform (SDP).
Profile
Social Media
Company News
Facebook
YouTube
Management Team
Title
Name
Email & Social
Chief Executive Officer
Earle Holsapple
Chief Financial Officer
Andrew Stumpf
Chief Operating Officer
Louis Scarmoutzos
Chief Scientific Officer
Ralph Parchment
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