Mithradote Bio Closes Oversubscribed $1 Million Seed Round for Development of the First Self-Administered Antidote Against Drink Spiking
October 02, 2024 08:57 AM Eastern Daylight Time
SAN DIEGO–(BUSINESS WIRE)–Mithradote Bio, a biotechnology company developing the first self-administered antidote against drink spiking, today announced the closure of an oversubscribed $1 million seed round. The funding round was co-led by Taho Pharma and Vickers Venture Partners, and supported by strategic development agreements with Haorui Pharmatech for API manufacturing and Taho Pharma for an oral delivery formulation. With this funding and strategic support, Mithradote intends to advance development of M-101, a novel sublingual self-administered antidote against a spectrum of “date-rape” drugs, and initiate another pipeline program.
Mithradote Bio is proud to be developing the first self-administered antidote against drink spiking, addressing the significant worldwide issue of drug-facilitated sexual assault.Post this
“Drug-facilitated sexual assault is unfortunately a significant issue worldwide, with no available self-administered solution when someone suspects they have ingested a ‘date-rape’ drug,” said Mithradote Founder and CEO, Sophia Lee. “We are proud to be developing a convenient sublingual strip that allows for rapid absorption and drug neutralization, and can be easily taken if the need arises. With the support of our new investors and strategic development partners, we are excited to advance this meaningful program.”
Taho Pharma CEO, Dr. Howard Lee, said, “We are delighted to support Mithradote Bio in its development of M-101, as both an investor and development partner. As a leader in the development of oral film medications that enable efficient transepithelial drug delivery, we are strong believers in Mithradote’s potential and uniquely positioned to help guide in the development of a product that achieves the intended target product profile.”
Vickers Venture Partners Vice Chairman, Dr. Jeffrey Chi, commented, “We are thrilled to be backing Mithradote Bio from the outset in the development of an innovative and much-needed intervention to address the pervasive issue of drug-facilitated sexual assault. This investment demonstrates our commitment to building growth stage biotechnology companies developing novel therapeutics with the potential to transform the lives of countless individuals globally.”
About Mithradote Bio
Mithradote Bio is a biopharmaceutical company with a mission to develop safe and effective products that protect intended targets of drug-facilitated sexual assault.
For more information, please visit: www.mithradote.com
About Taho Pharma
TAHO is a commercial-stage specialty pharma pioneering in oral and transdermal drug delivery systems. Collaborating with partners across three continents, the pipeline of medicines targets CNS, Geriatric, and Pediatric therapies that provide caregivers with significant treatment options. From concept to commercial, TAHO has several products launched in major markets.
About Vickers Venture Partners
Vickers Venture Partners was founded by Dr. Finian Tan together with his co-founders Dr. Khalil Binebine, Dr. Jeffrey Chi, Dr. Damian Tan, Linda Li and Raymond Kong in 2005. The partners’ track records include investments such as Baidu.com, Inc, Focus Media Holding Ltd, Kongzhong Corp, Cambridge Real Estate Investment Trust, Sunfun Info Co., Asian Food Channel, UUCUN, TWG Tea, RTG Asia, JJE, Hillstone, M-Daq and Mainspring. Vickers is headquartered in Singapore with offices in New York, Silicon Valley, and Shanghai.
About Haorui Pharmatech
Haorui is a key player in the global pharmaceutical industry, specializing in APIs, intermediates, and related products. Haorui has invested in 4 manufacturing sites: Hubei Haosun Pharma, Zhejiang Lyee Biotechnology, Luoyang Chihon Biotechnology, and Bioman Pharma.
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