Thursday, March 14, 2024
James Carroll
This event is open to Wharton Alumni Angel Members AND non-Members.
Remedium Bio presented at WAA's 21-Feb-2024 Life Sciences Pitch Event.
Remedium is raising a limited-time $2.5 Million expanded seed fund via a convertible note bearing an 8% interest rate, a 30% discount on conversion and a $20M valuation cap. Fractyl Health, with an inferior preclinical GLP1 gene therapy (expensive, antigenic, not dose-adjustable or reversable) recently IPO'ed at $650M valuation. The expanded seed will be followed by an upcoming Series A of $20M. The funds raised will be used to accelerate critical path activities for a 2025 phase 1 clinical trial which that will demonstrate the ability the gene therapy system to produce therapeutic levels of GLP1 drug in humans.
Because the technology can deliver a wide range of drugs in addition to GLP1, the company is seeing interest not only from traditional pharma, but also entities such as the Gates Foundation, for whom the technology can possibly bring a cutting edge solution for serious diseases in otherwise unreachable global populations, such as Africa.
GLP1 drugs are the fastest growing pharmaceutical drug class because of their ability to promote weight loss and improve glycemic control in Type 2 Diabetes patients, but uptake and compliance remains limited due to: GI side effects, a treatment cost of over $12,000 per year, and the requirement for repeat and lifelong injections to maintain benefits. Remedium Bio has a solution to all of these problems! They have developed the only “adjustable dose” gene therapy platform (Promethius™), enabling the delivery of GLP1 by a one-time gene therapy for the treatment of Obesity and Type 2 Diabetes.
The Prometheus™ technology offers the potential for enhanced safety and efficacy over weekly injections in this rapidly growing and soon to be largest therapeutic product class. The ultra-low manufacturing cost allows the single dose required per patient to be price positioned to allow far broader patient populations to benefit from the drug and at a substantial cost savings to the health care systems, patients, and insurance companies that pay for it. Remedium’s GLP1 based obesity approach has the potential to expand the number of people benefitting from treatment globally while saving $Billions in health care costs.
Next-generation dose-adjustable gene therapy with the potential to revolutionize recombinant protein delivery.
Sourced by WAA Member, James Carroll (@James Carrol on Slack)
Deal Lead: James Carroll (@James Carrol on Slack)
Deal Phase: Due Diligence
Slack: 1-remedium-bio
PROBLEM: Current generation gene therapy technology has several limitations, which prevent its application to the treatment of prevalent conditions. High cost, immunogenicity, and the inability to adjust the dose following initial administration, are currently limiting this revolutionary therapeutic modality.
SOLUTION: Remedium has developed a revolutionary gene delivery platform, Prometheus™, which can replace repeat subcutaneous protein injections, with a single injection, ultra-low cost, durable, and adjustable treatment. The first Prometheus™ candidate delivers a GLP-1 receptor agonist and demonstrates weight loss, glycemic control and insulin response superior to daily GLP-1 protein injections (e.g. Ozempic®) - with a potentially increased safety and tolerability profile.
