Antag Therapeutics raises 3M USD in a Series A investment from Novo Seeds
The global prevalence of diabetes has nearly doubled since 1980, rising from 4,7 % to 8,5% in the adult population and has become an important public health problem with a huge potential to reverse this epidemic. The Copenhagen University based biotech startup Antag Therapeutics recently raised 3M USD (20 million DKK) in funding from Novo Seeds to support the development of their GIP (Gastric inhibitory polypeptide) antagonist program to combat diabetes, obesity and fatty liver disease.
Antag joined the Accelerace life science accelerator and the NOME mentor network in early-2016 and have been working together diligently to commercialize the huge potential of the life science startup. The company was started by Alexander Sparre-Ulrich the CEO; whose PhD thesis was the foundation of their lead program. This new investment from Novo Seeds, who administer pre-seed investments on behalf of the Novo Nordisk Foundation, will bring Antag closer to the clinic.
“The investment will be used to develop drug in a way for it to stay in the body in the right amount of time to generate the right effect,” says CEO of Antag Therapeutics, Alexander Sparre-Ulrich to Børsen.
Major growth potential
This new therapeutic from Antag Therapeutics is an important drug in the treatment toolbox for patients suffering diabetes and fatty liver disease. The hormone treatment has blockbuster potential, like the Novo Nordisk GLP-1 will be injected to not only manage glucose levels but also impact fatty liver disease (NASH).
Novo Seeds has been investing in the biotech startup space since 2014 and is now scaling up the funding to fuel the strong growth trajectory of the startup.
Alexander Sparre-Ulrich CEO at Antag Therapeutics has said about his experiences with the NOME mentor network:
“Having access to such experienced and high profile professionals has had a huge impact on my project. Their advice sharpened my business plan significantly and led to progression in the negotiations with VCs, they introduced me to opportunities (both strategic and financial) which I was not aware of, and through their network, I have received important high-profile legal advice (pro-bono). Furthermore, I was invited to contact them on an ongoing basis which equipped me with an essential understanding of the pivotal points in VC investment terms seen from a founder’s perspective.”
Read the full story about Antag Therapeutics investment from Novo Seed in the following media: