ottawa, canada, June 17, 2021 (GLOBE NEWSWIRE) -- Orion Biotechnology Canada Ltd., a clinical-stage biotechnology company, today announced that it has raised $11.5M USD in a Series A financing.
The oversubscribed round was led by Keiretsu Forum, a global group of investors and included corporate/institutional investors, venture capitalists and existing shareholders. Howard Lubert, President Keiretsu Forum Mid-Atlantic, commented “As early investors in disruptive life sciences companies, we have seen how cutting-edge technologies like Orion’s can bring significant value to the industry and lead to the delivery of innovative new treatments for patients. We believe that Orion has developed a truly innovative technology for effectively targeting G Protein-Coupled Receptors (GPCRs).” The investment includes conversion of a Simple Agreement for Future Equity (SAFE) as well as closing the first tranche of a Series A investment.
“It’s rewarding to see a Canadian biotech company receive support for their novel technology from across the Keiretsu Forum ecosystem following our cross border due diligence process. Our investors are excited to be a part of their growth and innovation” said Kevin Sterling, President Keiretsu Forum Toronto.
Proceeds from the financing will be used to advance Orion’s pipeline of novel precision-engineered therapeutics, including its lead oncology candidate, which is a first-in-class Chemokine Analog with best-in-class potency. The investment will also enable the company to extend its proprietary discovery platform for effectively targeting complex GPCRs that have proven difficult to target using traditional drug classes.
"We are pleased to have the support and confidence of a large network of seasoned life science investors” said Mark Groper, President and CEO of Orion Biotechnology. “With the completion of this funding round, we are positioned to build on the momentum we have created, advance our multi-asset portfolio, and further leverage our proprietary discovery platform to deliver new precision engineered therapies in collaboration with industry partners”.
About Orion Biotechnology
Orion Biotechnology Canada Ltd, is a clinical stage biotechnology company focused on the discovery and development of precision engineered G-Protein Coupled Receptor (GPCR) targeted therapeutics. Leveraging its proprietary drug discovery platform, Orion is advancing a promising new class of highly potent drugs to unlock a set of high-value GPCR targets that have proven very challenging using traditional drug classes. Orion is pursuing a range of novel GPCR targets including chemokine receptors. Orion’s lead candidate, OB-002, is a first-in-class Chemokine Analog and best-in-class CCR5 antagonist. With close ties to diverse institutions and experts around the globe, and a highly innovative proprietary drug discovery platform, Orion is uniquely positioned to stimulate the rapid development of promising new treatments for serious diseases. Learn more at www.orionbiotechnology.com.
About Keiretsu Forum Mid-Atlantic
Keiretsu Forum Mid-Atlantic is part of Keiretsu Forum, the world’s largest and most active investment community of early-stage angel investors. Founded in California in 2000, Keiretsu Forum now includes 33 chapters in North America and 23 international chapters on 3 continents. For more information visit www.KeiretsuForum-MidAtlantic.com.