Singapore-based biopharmaceutical company Travecta Therapeutics said Tuesday it has secured $15 million in its Series A round of financing, led by TKS1, a life science focused venture capital fund formed by life science consulting agency SPRIM and asset management company Tikehau Capital.
Travecta is developing a broad portfolio of product candidates engineered to cross the blood-brain-barrier.
The proceeds from the Series A financing will be used to support Travecta’s growth and advance the development of TVT-004, the company’s lead non-opioid product targeting pain, according to a company statement.
The company plans to enter clinical trials in 2021. The funding will also support the progression of its earlier stage research programmes in neuro-oncology and neuro-inflammation.
The company’s proprietary mVECTA platform allows it to screen and develop product candidates that can cross the blood-brain barrier targeting novel and untapped neurological pathways.
“Our mVECTA platform technology is unlocking key biological targets in neurological diseases that were previously difficult to engage because of the blood-brain barrier,” said chief scientific officer Dr Mahmood Ahmed.
“We are thankful to our partners to support our vision and develop therapies that can potentially transform how neurological conditions, many of which are without FDA approved drugs, are treated,” Travecta Therapeutics CEO Dr. Michael Shleifer said.