Motif Neurotech has secured $18.75 million in Series A funding, led by Arboretum Ventures, to advance its DOT microstimulator technology for treating treatment-resistant depression (TRD). The DOT microstimulator, a minimally-invasive device, precisely stimulates brain circuits linked to depression, offering a potentially more effective and targeted option for TRD patients. The funding will support Motif in conducting large-scale studies to validate the device’s efficacy, refining technology, and scaling production for wider accessibility. The innovative approach represents hope for millions struggling with TRD.
NAYA to accelerate Phase II clinical development and Early Patient Access after initial safety demonstrated in 28-patient clinical trial
- Program developed by Florida Biotechnologies, Inc. & the University of Miami’s Bascom Palmer Eye Institute
- NAYA continuing to implement acquisition roll-up of clinical and commercial assets in oncology, regenerative medicine, and fertility
- NAYA expects to close its previously announced merger with INVO Bioscience (NASDAQ: INVO) in the first quarter of 2024 following the recent filing of S-4 and joint draft proxy statements
AVENTURA, Fla. and SARASOTA, Fla., Jan. 23, 2024 (GLOBE NEWSWIRE) — NAYA Biosciences Inc. (“NAYA”), a company which has recently signed a definitive merger agreement with INVO Bioscience to establish an expanded, publicly-traded life science company dedicated to increasing patient access to breakthrough treatments in oncology, regenerative medicine, and fertility, today announced that it has entered into a binding letter of intent to acquire Florida Biotechnologies, Inc. a gene therapy company focusing on the treatment of mitochondrial diseases.
“We are delighted to contribute to the emergence of a strong biotech ecosystem leveraging Florida’s academic medical excellence,” commented Florida Biotechnologies cofounder Dr. Peter Kash. “The NAYA leadership team brings an agile entrepreneurial platform, broad development and commercialization experience, and access to public capital, which will unlock the potential of our promising AAV gene therapy platform for mitochondrial genetic diseases. As it expands its clinical pipeline to additional regenerative medicine as well as oncology and fertility programs, NAYA is poised to build a world-class Miami-based biopharmaceutical company.”
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“We are impressed by the initial safety and efficacy of the AAV gene therapy developed by Florida Biotechnologies and the University of Miami for the treatment of LHON, a rare and debilitating genetic disease with no currently approved therapeutic regimen,” commented NAYA Chairman & CEO Dr. Daniel Teper. “NAYA is committed to accelerating clinical development and Early Patient Access to this breakthrough therapy, which has the potential to achieve curative results in patients with progressive vision loss and blindness.”
The therapy’s strong intellectual property is focused on the modification to traditional AAV gene therapy, in which a mitochondrial targeting sequence is added to the capsid, which allows for localization to the mitochondria. The modification can be used on AAV2-AAV9 and provided via different routes of administration. The first-generation product has been evaluated in a phase I trial and a second-generation product with improved mitochondrial targeting has demonstrated curative results without any serious adverse events noted in preclinical studies for LHON. The program has received over $6 million in grant funding to date and qualifies for Regenerative Medicine Advanced Therapy (RMAT) designation and multiple priority FDA review vouchers. The combination of multiple orphan indications, multiple routes of administration, and multiple AAV serotypes applicable supports a broad gene therapy platform for mitochondrial orphan diseases.
NAYA entered into a binding Term Sheet with Florida Biotechnologies Inc. to acquire all of the outstanding capital stock of Florida Biotechnologies for $20,000,000 in shares of NAYA post-merger with INVO, or 4,000,000 shares, each worth $5.00 (the “Florida Biotechnologies Transaction”). Florida Biotechnologies is eligible for an additional $5,000,000, or 1,000,000 shares each worth $5.00, upon achievement of certain milestones. The Florida Biotechnologies Transaction is contingent on the closing of the INVO Merger and sufficient financing to further develop the gene therapy programs from Florida Biotechnologies.
In conjunction with this transaction, Dr. Peter Kash will join NAYA’s board of directors as Vice Chairman. Dr. Kash has over 36 years of leadership experience in the biotech industry. He is currently the cofounder and Vice Chairman of TargImmune Therapeutics (Switzerland) and cofounder and Managing Director of Camelot BioCapital. He was formerly a cofounder and partner and Chairman of Two River Group and President of Riverbank Capital Securities, specializing in helping create and finance several biotech companies including Kite Pharma, Edgemont Pharmaceuticals, and Intercept Pharmaceuticals. He has cofounded more than a dozen biotech companies and coraised in excess of $2 billion in private/public financing, helping creating more than $20 billion in peak aggregate market value. Dr. Kash has worked on Wall Street for 30 years including at Shearson Lehman Hutton and Paramount Capital. At Paramount he cofounded and helped finance PolaRx Biopharmaceuticals, developing the first cancer drug from China, Trisenox approved by the FDA. The portfolio companies have received a total of 6 FDA approvals to date.
Source:Bio Space