Peptinovo Biopharma (Peptinovo), an Ann Arbor-based biopharma company, has announced the successful initial close of its Series A funding round, raising $1.4 million. This milestone marks the first step toward the company’s $10 million funding goal.
Incorporated in 2020, Peptinovo is pioneering PALMTM a nanoparticle technology to deliver proven chemotherapeutic drugs directly into cancer tumors. The company’s patented smart drug delivery platform exploits a mechanism cancer cells use to grow but instead, like a Trojan Horse, delivers the chemotherapy drug. PALM is designed to enhance the effectiveness of proven chemotherapies across a wide range of solid cancerous tumors, while significantly reducing the serious side effects that limit the success of traditional treatments.
In its fundraising strategy, Peptinovo is utilizing a hybrid approach, combining Regulation D accredited investor funding with Regulation CF crowdfunding. This inclusive model reflects the future of fundraising, enabling broader participation in private investment opportunities.
Legal counsel for Peptinovo’s Series A financing was provided by Varnum LLP. Partners Matt Bower and Mallory Field advised the company on structuring financing terms, drafting legal documents and ensuring compliance with securities laws. The Series A raise has made a strong start with the initial $1.4 million secured. The company is now forming a syndicate to finance the remaining $8.6 million in the round.
“Varnum has been a great partner in helping us secure funding to grow our operations,” said Steve Tokarz, CEO of Peptinovo Biopharma. “Their expertise and guidance have been invaluable in navigating this complex process.”