TORONTO-Paradox Immunotherapeutics (“Paradox”), a pharmaceutical company focused on the development of innovative antibody therapies that treat protein misfolding diseases, today announced a $10 million financing led by SymBiosis, an investment firm focused on advancing biotherapeutics innovations for serious and life-threatening diseases. The funding will be used to advance Paradox’s therapeutic pipeline through significant milestones in multiple indications.
Paradox’s unique approach uses a groundbreaking lead identification and validation platform capable of developing antibodies that selectively target misfolded proteins while leaving healthy proteins untouched.
Paradox is focused on the development of treatment for immunoglobulin light chain amyloidosis (AL amyloidosis), a complication of multiple myeloma that can lead to heart, kidney and liver failure, as well as treatment for leukocyte chemotactic factor 2 amyloidosis (LECT2), a severely underdiagnosed cause of chronic kidney disease and failure.
“These diseases represent a massive unmet medical need and substantial market opportunity, as they impact millions globally and current treatments are ineffective,” said Dr. Natalie Galant, Co-Founder and Chief Executive Officer of Paradox Immunotherapeutics. “Our platform has already identified a promising pipeline of therapeutics, and this vote of confidence from an ideal partner like SymBiosis, will enable us to accelerate our development efforts.”
Chidozie Ugwumba, Managing Partner of SymBiosis, added, “Effective therapies for protein misfolding disease and amyloidosis are incredibly complex to identify and develop. We see enormous opportunity in Paradox’s approach and its pipeline targeting best-in-class and first-in-class therapies which have the potential to change the treatment paradigm for multiple diseases. We are excited to support the Paradox team in further building its promising platform and bringing much-needed antibody therapies to market.”
In connection with the funding, Sandy Zweifach, an Operating Advisor at SymBiosis, recently joined Paradox as an independent director and Executive Chairman.
Paradox has received a number of recognitions for its innovations, including being named a finalist for J.P. Morgan’s Life Sciences Innovation Summit, a BIO Emerging Company Start-Up Stadium winner, a Termeer Foundation Fellowship, a DC Health Innovation QuickFire Challenge awardee, and a Springboard Enterprises Life Sciences Program participant.
About Paradox Immunotherapeutics
Paradox is a preclinical-stage biotech that uses a proven-successful drug discovery platform to combat protein misfolding diseases such as amyloidosis. Paradox designs and develops specialized antibodies that can selectively target and remove only the problematic or misfolded proteins while leaving the healthy proteins in your body completely untouched. The scientific team at Paradox has substantial success in the selective targeting of misfolded proteins with monoclonal antibodies, with one of the founding team member’s previous antibody candidates resulting in a $1.2B acquisition in 2021. For more information, please visit www.paradoximmuno.com or visit us on LinkedIn.
About SymBiosis Capital Management, LLC
SymBiosis is an investment firm focused on advancing biotherapeutics innovations for serious and life-threatening diseases. The firm is an active, global investor in groundbreaking medicines across many disease areas and financing stages, with a focus on programs in, or about to enter, human trials. SymBiosis invests through a series of long-duration investment vehicles with significant capacity for new investments. For more information, please visit www.symbiosis.vc or follow us on LinkedIn.
Contacts
Media:
Mark Semer/Jonathan Warren
Gasthalter & Co.
212-257-4170
