Theradaptive Closes $6.2 Million Series A Investment Round
Biotech startup nears clinical trials and expands platform indications
Frederick, MD — January 9, 2021 — Theradaptive Inc., a biotechnology company specializing in regenerative therapeutics, today announced the closure of a $6.2 million Series A investment round. This round brings the total investment to $17.4M to date. The funding will support the launch of Theradaptive's lead biologic, AMP2, into clinical trials in 2022 and will propel the development of new therapeutics through the company's proprietary protein engineering platform. AMP2 is designed for highly targeted delivery and has the potential to transform the treatment of orthopedic injuries and spinal fusion.
The investment round was led by AMP Squared Capital Partners, and joined by Maryland Venture Fund and OrthoRebirth (Yokohama, Japan), and complements the $11.2 million previously received from the Department of Defense.
"Our team is pleased to announce this investment round from investor groups with deep knowledge of the regenerative medicine space," said Theradaptive Founder Luis Alvarez. "Theradaptive is built on creating adaptive therapeutics to transform medicine and our ultimate goal is to deliver therapies to people who are suffering from lifelong debilitating conditions. We are excited to be joined by this investor group who recognize the power of this platform technology.”
This round of funding will support the completion of investigational device exemption (IDE) filings with the US FDA and will advance spinal fusion and orthopedic trauma assets into Phase I / II human clinical trials. The company reports early commitments to its Series B which is anticipated to close in 2022 and will bring the product to commercialization.
Leveraging a proprietary therapeutics development platform licensed from the U.S. Department of Defense U.S. Army Medical Research & Development Command, Theradaptive is built on creating adaptive therapeutics with breakthrough applications in a multitude of therapeutic areas. Lead products in its pipeline include therapeutics for orthopedic trauma, spinal fusion, and osteochondral repair.
"AMP Squared LLC delights in supporting bright minds who bring novel solutions and a strong work ethic to today's most significant healthcare challenges,” said David Harrington, principal at AMP Squared LLC. “In Luis, we met a brilliant scientist, strong leader and hard worker whose personal journey through West Point, service in Iraq and a PhD from MIT struck us as unusual for its variety and distinguished for its brilliance at every step. The team at Theradaptive emulates their leader with their talent, scientific capabilities and attention to detail all evidenced by their reaching every development milestone ahead of schedule. We are honored to know that their work, while centered in the improved recovery of soldiers' suffering traumatic long-bone injury, will have applications for all patients facing spine and cranio-facial surgery. Beyond our resources, AMP Squared LLC's team of seasoned health-centered professionals drawn from careers in medicine, law, IS/IT and with experience as operating partners with healthcare-focused PE firms will enjoy sharing our competencies and experience with Luis and his team."
AMP2 protein is a proprietary variant of BMP2, which is the most potent bone-forming therapeutic currently used in humans. Unlike BMP2, Theradaptive’s AMP2 can be applied like a paint to a wide variety of medical devices and implants, thus creating a more precise and much safer method for regenerating native bone tissue. Following regulatory approval, AMP2 could capture significant a portion of the $8 billion US spinal fusion market.
"Given the fact that AMP2 has beaten the standard of care in every preclinical study to date, we are eager evaluate this promising therapeutic in clinical trials," said Dr. George Muschler, a Professor of Orthopedic Surgery and Biomedical Engineering and practicing orthopedic surgeon at the Cleveland Clinic and member of Theradaptive's Advisory Board. "We are thrilled to see such strong validation of Theradaptive's platform in orthopedic regeneration and are excited to see expansion into new therapeutic areas."
The platform nature of Theradaptive's technology enables the development of targeted and persistent delivery of breakthrough therapies in a multitude of clinical areas including soft tissue repair, endovascular drug delivery, and local chemotherapy.
Theradaptive develops regenerative therapeutics based on its targeted delivery platform that converts recombinant proteins into material-binding variants that bind to implants, devices, and injectable carriers in a paint-like manner to enable long-term local delivery with very low off-target effects. Theradaptive’s programs include targeted therapeutics for trauma, degenerative disc disease, cartilage injury, soft tissue repair, and localized chemotherapy.
About AMP Squared Capital Partners
AMP Squared, co-led by Ted Meyers and David Harrington, fields a strong team of successful career professionals drawn from health-centered careers in law, medicine and IS/IT and experienced in early stage and PE-invested companies. Theradaptive is our fourth co-investment in collaborations that introduce emerging enterprises led by bright minds and armed with novel solutions to challenges today and tomorrow.
ORTHOREBIRTH aims to reduce the burdens of both patients and doctors through the development of innovative medical devices. ORTHOREBIRTH’s goal is to improve quality of life on a global scale. ORTHOREBIRTH’s flagship product, ReBOSSIS, is a synthetic bone-void-filling material based on microfiber-producing technology and materials that can be applied in a wide variety of clinical indications.
About Maryland Venture Fund
The Maryland Venture Fund is dedicated to funding and growing the next generation of outstanding businesses in Maryland. MVF is an experienced team with significant operating and venture experience whose focus is on making the entrepreneurs successful. MVF is sector and stage agnostic. With more than $135M in assets under management, MVF partners with exceptional entrepreneurs and helps them build valuable companies that last.