Canadian commercialization venture firm FACIT leads seed round in Nanology Labs
FACIT, a commercialization venture firm focused on advancing Ontario's top-tier oncology innovations, announced a new follow-on investment in startup Nanology Labs (Nanology).
FACIT led the $3 million seed round, alongside co-investors Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Centre of Innovation, and MEDTEQ. FACIT has previously supported Nanology, spun out of the University of Toronto, through both its early-stage Prospects Oncology Fund and seed-stage Compass Rose Oncology Fund.
Nanology is developing a first-in-class agent that enables both real-time tumour detection and radio-sensitization for therapeutic purposes. Animal models have shown this agent is safer and more sensitive than MRI contrast agents currently available. It simultaneously oxygenates the tumour area leading to an improvement in radiation therapy efficacy. The Ontario-based seed investment will allow Nanology to complete GLP toxicology and GMP manufacturing studies required to file regulatory applications for first-in-human trials.
Mohammad Ali Amini, Co-founder and CEO, Nanology: FACIT's Compass Rose Oncology Fund is a unique source of Ontario First seed capital that supports and drives the most promising new Ontario companies to reach a critical value inflection point to secure venture financing. "FACIT's leadership in financing is helping us de-risk our technology and progress discussions with venture partners for an anticipated Series A financing."
As Ontario begins to position itself as a competing force in the booming global biotech sector, FACIT's investment programs encourage companies to anchor and scale in Ontario.
David O'Neill, President, FACIT: "Since receiving our initial proof-of-concept investments, Nanology has reliably advanced its technology and is now in a stronger position to demonstrate its clinical potential. We are grateful for the Government of Ontario's support through our strategic partner, the Ontario Institute for Cancer Research, ensuring local entrepreneurs and intellectual property have a translational pathway to Ontario patients."