MONTREAL--(BUSINESS WIRE)--Giiant Pharma inc. announced today that is closed an additional financing of $750,000 from AQC Capital (AQC) and $500,000 from CQDM for a total of $1.25 million.
The preclinical-stage biotech Company’s recently closed a Seed round of $13.5 million, co-led by Amplitude Ventures and Genesys Capital. This additional financing will support the development of GT-2108 up to clinical Phase 1b completion.
“This is an exciting time for Giiant Pharma as we launch our lead program GT-2108, in additional to our Drug Hunting Club for pipeline expansion,” announced Maxime Ranger, President and CEO of Giiant Pharma Inc. “Our innovative technology platform will transform the field of gastroenterology.”
“We look forward to supporting Giiant as it develops its novel technology platform first focusing across a breadth of potential inflammatory bowel disease (IBD) indications,” says Louis Saint-Jacques, Partner at AQC.
“We are delighted to invest in Giiant; this investment fits with CQDM’s mandate to support innovative biopharma research in Québec and to bridge the gap between early-stage companies and future investors.” said Diane Gosselin, President and CEO at CQDM.
Giiant Pharma already initiated its IND-enabling preclinical program with its lead candidate, GT-2108, for the treatment of moderate-to-severe ulcerative colitis. The team is also in active discussions with potential partners to expand its pipeline of precisely delivered drug therapeutics for gastrointestinal disease.
About Giiant Pharma
Giiant is a preclinical-stage biotech company, with its proprietary Precision Delivery technology platform, designs gut-restricted, tissue-specific, small molecule, drug therapeutics with various biological targets in gastroenterology. Its lead program GT-2108 is a microbiota-activated PDE4 inhibitor prodrugs, with improved drug tolerability and enhanced therapeutic effect.
About AQC Capital
AQC Capital (www.aqccapital.ca) is an early-stage Venture Capital fund with over 150 M$ in assets under management to support Quebec's start-up ecosystem. Investing alongside successful angels, members of the Anges Québec Network, the AQC Capital team offers active and dynamic support in addition to the capital needed by entrepreneurs to reach new heights. As of today, AQC Capital has invested in 53 innovative companies.
CQDM (www.cqdm.org) is a biopharmaceutical research consortium whose mission is to fund the development of innovative tools and technologies that will accelerate the discovery and development of safer and more effective drugs. CQDM bring together world-class pharmaceutical corporations, several Canadian biotech companies, the best scientists from both the public and private sectors, as well as the Canadian and Quebec governments. CQDM’s collaborative approach bridges the funding gap needed to drive innovation across the academic and private sectors, especially where early-stage research is concerned.