MONTREAL– Giiant Pharma inc., a Montreal-based preclinical-stage biotech company, today announced the closing of US$11M (CAD$ 13.5M) million in Seed financing. The round was co-led by Amplitude Ventures and Genesys Capital, with participation from Fonds de solidarité FTQ, AmorChem II Fund, Theodorus Investment Funds, Anges Québec, and other angel investors.
Giiant’s Precision Delivery technology platform originated from the work of former Merck Frosst scientists. The Company has identified GT-2108 as a lead candidate for the treatment of inflammatory bowel diseases (IBD). GT-2108 is an orally-administered, colon-specific PDE4 inhibitor prodrug with potent anti-inflammatory properties. Its unique prodrug format requires activation by the gut microbiota before the drug can elicit its effects. “With a unique ability to deliver an active PDE4 inhibitor to the site of inflammation in the gut, we expect limited systemic exposure and a safer profile” says Dr. Elizabeth Kwong, cofounder and Chief Development Officer of Giiant Pharma Inc. Overall, this improved therapeutic index should translate into a better quality of life for IBD patient.
Repeat entrepreneurs Maxime Ranger and Patrick Colin joined Giiant Pharma, as Chief Executive Officer and Chief Clinical Officer, respectively. “Precision Delivery is an exciting concept which has the potential to transform the field of gastroenterology,” explains Maxime Ranger, CEO of Giiant Pharma Inc.
“We’re excited to co-lead the financing, and once again partner with this highly-skilled management team,” says Jamie Stiff, Managing Director of Genesys Capital. “Giiant Pharma is a perfect fit with Amplitude’s vision of creating, building, and growing world-class Canadian precision medicine companies. We’re convinced Giiant has the talent and network to deliver on its goal of becoming a leading, global GI franchise that provides ground-breaking precision delivery technologies,” says Amplitude co-founder and partner Jean-Francois Pariseau.
With this financing, Giiant Pharma 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 the aim to further expand its pipeline of precisely delivered drug therapeutics for gastrointestinal disease.
