Frederick, Maryland-based Theradaptive Inc., a biotechnology company, has closed a $6.2 million Series A investment round, bringing the total investment to $17.4 million.
The investment round was led by AMP Squared Capital Partners. Maryland Venture Fund and Japan-based OrthoRebirth also joined the investment round. The funds add to the $11.2 million previously provided by the U.S. Department of Defense.
Theradaptive Founder Luis Alvarez, Ph.D. told OTW, “This investment will allow us to accelerate our spinal fusion and trauma programs into clinical trials in 2022. This investment has also stimulated strong interest from several potential strategic partners in spine and trauma. We already have commitments from investors for our Series B round later in 2021 that will set us up for the next phase of our growth.”
Alvarez commented, “Our team is pleased to announce this investment round from investor groups with deep knowledge of the regenerative medicine space.”
Dr. Alvarez continued, “Theradaptive is built on creating adaptive therapeutics to transform medicine and our ultimate goal is to deliver therapies to people who are suffering from lifelong debilitating conditions. We are excited to be joined by this investor group who recognize the power of this platform technology.”
Founded in 2016, Theradaptive specializes in regenerative therapeutics. Theradaptive’s regenerative therapeutics are “based on its targeted delivery platform that converts recombinant proteins into material-binding variants that bind to implants, devices, and injectable carriers in a paint-like manner to enable long-term local delivery with very low off-target effects.”
Dr. Alvarez’s work initially developed from his military service in Iraq where he was influenced by patients undergoing amputations due to tissue defects or inabilities to regenerate tissues. He completed research at the Massachusetts Institute of Technology (MIT) focused on treating such patients. Dr. Alvarez was later able to leverage “a proprietary therapeutics development platform licensed from the U.S. Department of Defense U.S. Army Medical Research & Development Command” to build Theradaptive.
Theradaptive announced that the funding will support the launch of its “lead biologic, AMP2, into clinical trials in 2022 and will propel the development of new therapeutics through the company’s proprietary protein engineering platform.” Theradaptive’s AMP2 protein is a proprietary variant of BMP2, the “most potent bone-forming therapeutic currently used in humans.” AMP2 is “designed for highly targeted delivery and has the potential to transform the treatment of orthopedic injuries and spinal fusion.”
