Theradaptive Closes $26 Million Series A Investment Round
Today, Theradaptive, a biopharmaceutical company breaking new ground in targeted regenerative therapeutics, announces that it has closed a $26 million Series A funding round to advance development of its targeted regenerative therapeutics.
The funds will enable the company to continue its work to meet regulatory requirements and scale up Good Manufacturing Practices in preparation for first-in-human clinical trials later this year. Investment will also support the expansion of the Theradaptive platform beyond orthopedics to additional indications such as oncology and dental. The round brings Theradaptive's total funding to over $50 million. The company has previously been awarded non-dilutive grant funding from the Department of Defense, as well as the Maryland Stem Cell Research Fund.
Theradaptive's founder conceived of the technology after witnessing extremity injuries that resulted in delayed amputations among servicemembers. His subsequent research into bone and tissue regeneration at MIT focused on addressing the limitations associated with existing regenerative medicine approaches such as achieving anatomically precise outcomes and ultra-persistent local delivery of therapeutics. Theradaptive was subsequently spun out from that work. The company's proprietary protein-engineering platform produces targeted therapeutics that can be used to coat implants, devices, and injectable carriers to achieve hyper-local delivery over long time periods exceeding weeks to months.
With this technology, the FDA has granted an unprecedented three breakthrough medical device designations to Theradaptive for its various spinal indications, allowing it to work on an accelerated review schedule to get its breakthrough treatments to patients as quickly as possible and showing the FDA's recognition of the need for more precise and targeted therapeutics.
Dr. David Stewart, VP of Operations at Theradaptive, said, 'We're delighted that our investors recognize the potential of the Theradaptive platform across indications, from cancer to orthopedics. Support from our partners is essential to continue our work to make existing biologics more precise, persistent, and localized, and thus safer and more effective. Our mission is to offer new treatment possibilities to patients who currently have few options, and this funding will help us achieve this.'
'Theradaptive's platform is exciting because it has the potential to improve therapeutics in a wide variety of indications' said John Greenbaum, SVP of Regulatory & Clinical Affairs at Theradaptive. He continued, 'With the world's population aging, the company's spinal repair product will be more important than ever, and new programs at the company based on the same protein engineering platform will also address the $300 billion oncology market. We're looking forward to taking our operations to the next level, scaling up manufacturing, preparing for clinical trials in the US, and continuing to push the boundaries of what is possible in regenerative medicine and targeted therapeutics more broadly.'