Forkhead BioTherapeutics Closes Third Round of Seed Funding
New York, NY - March 19, 2019. Forkhead BioTherapeutics Inc., an early stage regenerative medicine company, today announced that it has closed its third round of seed financing. The financing was led by Kaitai Capital and Viva Biotech, who were joined by individual investors. The Company is developing an oral therapy to treat insulin dependent diabetes by restoring normal insulin production, and normalizing glucose metabolism.
“This additional financing from a new group of leading international investors, joined with committed and seasoned existing investors, will enable us to expand our effort to develop game-changing therapies for diabetes patients while also exploring additional indications for our technology” noted Charles Queenan, President and Chief Executive Officer of Forkhead.
Kaitai Capital partner, Jie Yin, commented, “The threshold for market entry of new drugs has steadily risen, accompanied by increased challenges for generating value. Breakthrough therapies and disruptive innovations present opportunities to break the industry's cycle of small and incremental improvements. Over the years, Kaitai has seized the transformative opportunities brought by new technologies globally, and has persistently leveraged smart capital to make life better. Our investment in Forkhead is another such endeavor - we hope to play a part in developing its oral therapy to benefit diabetes patients worldwide.”
About Forkhead BioTherapeutics Inc.
Forkhead BioTherapeutics is harnessing the intrinsic capabilities of cell conversion and regeneration in order to develop transformative therapies that improve patient’s lives. Its work is based on the groundbreaking discoveries of Dr. Domenico Accili of Columbia University. The technology exploits the natural plasticity of cells in the gut by using an oral agent — a Foxin™ pill — to convert a specific subset of these cells into those that sense blood sugar and secrete insulin.
Diabetes Mellitus (diabetes) is a chronic disease in which the body is unable to make sufficient insulin and/or is unable to utilize effectively the insulin it produces. Among the more than 200 million people worldwide who are diagnosed with diabetes, over 50 million are insulin dependent. They must constantly monitor their blood sugar and take frequent insulin injections to manage their disease.
About Kaitai Capital
Kaitai Capital is a China-based venture capital firm. It was founded in 2009 and currently has 50 billion RMB under its management. Kaitai Capital is committed to identifying and supporting innovation in biotech, data technology and artificial intelligence, and other emerging technology sectors in the US, Europe and China, and innovation in the crowd economy in China.
About Viva Biotech
Viva Biotech operates an integrated drug discovery platform with expertise in structure-based design. Viva Biotech also invests and incubates early stage biotech startups similar to Forkhead through Viva Ventures, which provides drug discovery services for equity as well as cash investment. Viva has incubated or invested in over 30 biotech startups and plans to incubate 100 more in the next 2 years.
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