Tech Company Financing Transactions
SciTech Development Funding Round
SciTech Development, based in Baltimore, scored $2.7 million in investment from HRN, National Foundation for Cancer Research and Pointe Angels.
Transaction Overview
Company Name
Announced On
6/7/2023
Transaction Type
Venture Equity
Amount
$2,730,000
Round
Undisclosed
Proceeds Purpose
This funding round will accelerate SciTech's first clinical trials of ST-001 nanoFenretinide for the treatment of T-Cell Non-Hodgkin Lymphoma.
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
Browse more venture capital transactions:
Prev: 6/7/2023: Griffin venture capital transaction
Next: 6/7/2023: MatrixSpace venture capital transaction
Share this article
Where The Data Comes From
We report on every notable VC transaction. VC transactions reported here are sourced from news reports and company announcements. The data comes to us via our partnership with VentureDeal.com, an affiliated venture.
Additional Resources for Entrepreneurs