Duo Oncology, a startup developing tumor penetrating nanotherapies to treat pancreatic cancer, said it has closed on a $3 million seed round.
The capital will be used for studies that must be completed so its lead product, DUO-207, can apply with the FDA to initiate clinical trials.
The round was led by Seedfolio, a San Diego-based venture capital firm that makes early investments into developers of novel technology to conquer disease or clean the planet. Other participants, a mix of investors outside and inside Pittsburgh, included biotech company BeiGene, Silicon Valley VC Ulu Ventures, angel network NuFund Venture Group, plus locals LifeX and Innovation Works.
“We are thrilled to have had a successful fundraising round, especially given the difficult worldwide economic situation,” Sam Rothstein, Duo Oncology CEO, said in a prepared statement. “We’ve been so encouraged by the enthusiasm of our investor group. It really signals the confidence that they have in Duo Oncology, our nanoparticle platform, lead product DUO-207, and the team that we have assembled.”
Duo Oncology said it aims to "reinvigorate the treatment landscape" for difficult-to-target tumors that are surrounded and protected by dense tissue. It creates ultra small nanomedicines, each containing a duo of anti-cancer therapies that are discharged directly into the tumor. The company said DUO-207’s tiny size and potent payload set it apart from other nanomedicines currently in clinical trials for pancreatic cancer where more than 80% of patients have dense, poorly perfused tumors.
DUO-207 also showcases a unique platform chemistry for self-assembling nanomedicines exclusively licensed from the University of Pittsburgh, setting the stage for additional potent treatments.
