OTTAWA, Ontario – Virica Biotech Inc., a leading life sciences developer of solutions for scaling viral drugs, today announced the first closing of its Series A funding. The round, led by Dynamic capital, is expected to close with additional investors by the end of the fourth quarter of 2020. The investment strengthens Virica’s already impressive growth trajectory as it prepares to become a premier manufacturing partner for global viral drug producers. . The investment will be used to expand Virica’s operations with the opening of a new laboratory, which is part of the Ottawa Health Innovation Hub. Watch the grand opening here.
“Most of the successful new treatments to fight cancer, rare diseases and infections are made possible by advances in viral drugs and now demand for these new therapies is outstripping production,” said Jean-Simon Diallo, Director. executive and co-founder of Virica. Biotechnology. “This investment accelerates our ability to help companies and organizations overcome production shortfalls and improve the efficiency of their virus-based therapies, cell therapies and candidate vaccines.”
“Innovators, contract manufacturing and development companies alike are struggling to reliably produce sufficient quantities of their vaccines and gene therapies,” said Daniella Kranjac, founding partner of Dynamk Capital. “We are excited to partner with the Virica team, who are seizing the enormous opportunity to reduce bottlenecks for viral drug manufacturers so that more patients have access to essential drugs.”
Dynamk Capital is a venture capital and growth capital firm focused on the life sciences industry. Dynamk’s investment strategy is focused on identifying companies that develop disruptive technologies, tools and services that enable the complete biopharmaceutical continuum through the discovery, development and manufacture of biotherapeutics, including cell and gene therapies and vaccines. Visit dynamk.vc for more information.
Virica streamlines viral drug manufacturing, enabling developers to economically deploy their products at scale. Virica’s Viral Sensitizer (VSE ™) platform reduces production inefficiencies caused by innate antiviral defenses in manufacturing cells. Customizable VSE cocktails substantially increase manufacturing yields and lower cost of goods for a variety of products, including vaccines, cell and gene therapies, and cancer therapies. Visit viricabiotech.com for more information.
This press release contains “forward-looking statements”, which reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions.
Photos available upon request.
Jennifer Cameron, Virica Communications