$8.1 million convertible note financing by Investissement Québec and current investors CTI Life Sciences Fund and adMare BioInnovations MONTREAL , Sept. 16, 2024 /PRNewswire/ - Find Therapeutics Inc.
, a biopharmaceutical company focused on the development of innovative therapies for autoimmune diseases, today announced the closing of a $8.1 million ( CAD$11 million ) convertible note financing led by Investissement Québec with participation from current investors CTI Life Sciences Fund and adMare BioInnovations. The proceeds of the convertible note will be used to advance FTX-101 into Phase 1 clinical studies.
"We are excited to welcome Investissement Québec as a new investor in Find," said Philippe Douville , CEO of Find. "With the recent clearance of the IND by the FDA and this new investment by Investissement Québec and our current investors, we are able to accelerate FTX-101 into the clinic to bring a much-needed myelin repair therapy to patients." The Phase 1 clinical trial is anticipated to commence in Q4 2024 and is designed to evaluate safety, tolerability, and pharmacokinetics of FTX-101 across different dose levels in healthy volunteers.
"Investissement Québec is proud to assist Find Therapeutics in its innovation and development efforts and to help fill a gap in the capital chain for young biotech businesses," said Bicha Ngo , President and CEO of Investissement Québec. "Through our support for the company, we are contributing to the launch of its clini.