Biothera has raised $3.5 million and the company doesn’t want to stop there, as it aims to push that total to $25 million, according to a Securities and Exchange Commission filing.
The 53-employee biotech firm markets itself as “the immune health company” and is split into two business units. The first is developing a drug that would trigger innate immune cells to recognize and destroy pathogens, such as colon, lung and other cancers. The second division manufactures ingredients for food, beverages, supplements and cosmetics that boost immune system functions.
The fundraise comes in the form of debt, equity, options and other securities and was obtained from two investors. The company declined to disclose its revenue in the regulatory document.
Biothera is in the midst of Phase 2 trials of its drug, Immprime PGG, with patients suffering from lung cancer, said David Walsh, vice president of communications. It’s completed early trials of the drug with colorectal cancer patients.
The company also plans to conduct two trials in collaboration with the Mayo Clinic–one for melanoma, a type of skin cancer, and the other for chronic lymphocytic leukemia, a cancer of the blood and bone marrow.
Biothera’s strategy is to develop the drug’s proof-of-concept, then license it to a pharmaceuticals company that would complete the process and take the drug to market, Walsh said.
Biothera was founded in 1997, though it’s unclear how much investment funding it’s raised since its inception. Walsh declined comment on funding matters.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Last year, Biothera received the Frost & Sullivan Excellence in Research Award for the development of Wellmune WGP, its food, beverage and supplement ingredient. The ingredient is used in products such as cookies and juices.
