Aurora, Ontario biotech company Ovensa has raised $1.38 million in follow-on financing backed by 22 members of angel organization Anges Québec, the affiliated Anges Québec Capital, and Aligo Innovation, a university research commercialization company.
Founded in 2012, Ovensa develops oncology-focused technology with mucosal and brain-barrier crossing properties that can deliver medication to hard-to-reach parts of the body like the brain. The company will use the funds to further develop its platform.
Due to its potential for delivering medication directly to targets such as brain tumors and to the Tau and beta amyloid proteins associated with the development of Alzheimer’s disease, Ovensa’s innovative technology could be used to increase the efficacy of many treatments while reducing their toxicity.
“This renewed confidence and additional financing from our investors show that they’re satisfied with the results achieved, the company’s rapid growth, and the effective management of financial resources in our first year of operations,” said Stéphane Gagné, president and CEO of Ovensa. “The new round of financing will allow us to forge ahead with promising developments in the areas of cancer treatment, antibiotic resistance prevention, and the delivery of medications to the brain.”
“Ovensa has done a good job building on its business plan over the past 18 months, and the securing of patents in the United States and Europe is an important step in protecting their intellectual property. We’re happy to support them in their development, not only for the economic potential of their technology, but for the potential impact it could have on the health of millions of people,” said Marcel Larochelle, the angel investor overseeing financing for the project.
“The investors have come to really trust this entrepreneur,” said Kalthoum Bouacida, vice president of investment at Anges Québec Capital. “In the first round, the company delivered the goods, and their go-getter attitude really impressed the members of Anges Québec, who firmly believe this innovative technology will be a success. We’re very proud to support Anges Québec members taking part in this second round of financing.”
The investment in Ovensa is only the most reason in a string of rounds raised for Canadian biopharmaceutical companies.