The raise’s success was driven by the company’s breakthrough COVID-19 vaccine, coupled with the growing number of investors looking for med-tech investment opportunities.
EnGeneIC targeting cancer treatment
EnGeneIC, led by Co-CEOs, Dr Jennifer MacDiarmid and Dr Himanshu Brahmbhatt, is known for its proprietary EDV™ nanocell technology, which is predominantly used for the targeted delivery of chemotherapeutics, making cancer treatment more potent and far less toxic.
Dr Jennifer MacDiarmid and Dr Himanshu Brahmbhatt have successfully utilised their unique EDV™ technology to develop a new COVID-19 vaccine.
The vaccine has proven to be more efficacious against mutant strains of the virus in clinical and aims to be suitable for patients with compromised immune systems such as people with cancer and auto-immune diseases who are unlikely to respond effectively to current vaccines.
EnGeneIC will grant ImmunityBio an exclusive, worldwide licence to develop, manufacture and commercialise EDV™ in combination with its anti-cancer drugs and COVID-19 vaccine.
The company aimed to raise $1m in capital for a pre-IPO, ahead of listing on the NASDAQ.
EnGeneIC’s global recognition for its cancer treatment and the success of its vaccine pre-clinical animal studies, the company’s raise has exceeded expectations, closing out at $5m.
Comments on EnGeneIC’s funding raise
Steve Maarbani, CEO of VentureCrowd said that the success of EnGeneIC’s raise reflects the growing interest amongst investors looking to invest in new, innovative medTech companies.
“Since the pandemic, we have continuously been receiving an influx of interest from savvy investors who are looking to get in on the next big med-tech invention. Australia’s biotech industry boasts some of the world’s leading scientists and presents a huge area for growth.”
“EnGeneIC is addressing a glaring gap in the world’s current vaccine plan.”
“People who are immuno compromised need more protection and through this funding, VentureCrowd members are ensuring that this vital solution achieves global reach.”
“Who knows how many lives may be saved as a result of EnGeneIC’s efforts.”
EnGeneIC Co-CEO, Dr Jennifer MacDiarmid said, “Raising money on VentureCrowd was an easy, seamless experience and we are thrilled that we have generated so much interest in the raise.”
“Due Diligence was thorough but accomplished rapidly, and the Fireside chat with a presentation and the chance for investors to ask questions was particularly useful.”
“This funding will assist in our clinical program and allow EnGeneIC to have a big impact on late-stage cancer patients as well as trialling our novel COVID EDV vaccine.”