Maxwell Biosciences Raises $10.8 Million in Oversubscribed Seed Round
DecentraNet led the round, with participation from Star Lake Bioventures, Longevitytech.fund, and members of Keiretsu Forum and Harvard Business School Angels
Funding will accelerate growth and scale of Maxwell’s CLAROMER® platform, clinical trials and manufacturing capabilities
Austin, TX – March 10, 2022 – Maxwell Biosciences (“Maxwell") is a preclinical stage drug platform company actively developing drugs that mimic the germ-fighting properties of the innate immune system. Maxwell, which develops synthetic, low molecular weight drug candidates – CLAROMERS® – designed to serve as therapeutics against rapidly evolving, widespread viruses, today announced that it has closed an oversubscribed $10.8 million Seed Capital raise. DecentraNet led the round, with participation from Star Lake Bioventures, Longevitytech.fund, and members of Keiretsu Forum and Harvard Business School Angels. The funding will enable Maxwell to accelerate the development of its innovative platform, recruit and retain top talent, pursue clinical trials, and scale up manufacturing capabilities.
“The leadership of visionary investors like DecentraNet, and those who joined this round, is instrumental as we develop drugs designed to mimic the way a healthy immune system remains effective against constantly evolving, highly virulent pathogens, currently untreatable fungal infections, antibiotic-resistant bacteria, and drug-resistant cancers,” said Maxwell Biosciences CEO and Co-Founder, Joshua McClure. “Maxwell has developed a groundbreaking drug platform technology with the potential to profoundly impact global health. This funding will accelerate our efforts to develop a new class of drugs designed to fight viruses and other pathogens.”
“Maxwell’s biomimetic platform has the opportunity to play a key role in eliminating large swaths of human infectious diseases and to help build a healthier future for humanity. We look forward to continuing to work with them to build a safer, healthier world.”
Maxwell’s CLAROMER® platform offers patented, synthetic, low-molecular weight peptidomimetics that mimic the body’s own immune system peptides. The first type of peptides Maxwell has mimicked is human cathelicidin antimicrobial peptide (known as “LL-37” in scientific journals). LL-37 is a key human host defense peptide, which the immune system uses to control pathogenic bacteria, fungi and viruses. Maxwell’s CLAROMERS® are potent and effective LL-37 mimetic therapeutics in preclinical studies, despite being just one-quarter the size of LL-37. Similar to the natural LL-37 peptide, Maxwell’s novel biomimetic technology targets the viral membrane (which is inherited from the infected human cell and appears to be the same across many viruses) instead of targeting viral proteins that can evolve drug and vaccine resistance. Maxwell has benefited from the support of a large network of academic researchers and opinion leaders in the scientific community, who together have published more than 250 peer-reviewed studies showcasing the benefits of this technology.
“Too often, investors are looking to invest in companies that incrementally improve on existing technology. Maxwell is not an evolution of existing tech but, rather, a revolution in how we approach the treatment of infectious diseases,” said DecentraNet Founder, Ted Moskovitz. “Maxwell’s biomimetic platform has the opportunity to play a key role in eliminating large swaths of human infectious diseases and to help build a healthier future for humanity. We look forward to continuing to work with them to build a safer, healthier world.”
Since its founding in 2016, Maxwell has benefited from non-dilutive financial support from the Defense Advanced Research Projects Agency (DARPA), the US National Institutes for Health (NIH), the National Institute of Infectious Diseases in Japan and the Australian government. Maxwell anticipates sharing results from a prioritized study in partnership with the National Institute of Allergy and Infectious Diseases (NIAID) in the second quarter of 2022.
About Maxwell
Founded in 2016, Maxwell Biosciences is developing a first-in-class, peptidomimetic drug platform that outputs low-molecular weight compounds that are functionally distinct from macromolecules because of their ability to easily penetrate membranes. These compounds are designed to functionally mimic human peptides for the treatment of disease. Maxwell’s biomimetic therapeutics have been shown by the National Institute of Allergy and Infectious Diseases (NIAID) to be effective against all coronaviruses tested including SARS-CoV-2, SARS-1, MERS, and Coronavirus Beta. Maxwell’s CLAROMER® brand anti-infectives platform outputs a diverse library of oligomeric structures demonstrated to be well tolerated in animals and to potently disrupt the membranes of a broad spectrum of viruses and other pathogens, as shown in preclinical animal studies and electron micrograph imaging of bacterial, viral and fungal structures after CLAROMER® treatment. They have also been shown in preclinical studies to be well tolerated in human tissues in vitro and in vivo in animal studies. Maxwell’s technology is protected by granted patents and is led by a world-class team of experienced life science executives.
CONTACTS:
Media:
Edelman for Maxwell Biosciences, Inc.
MaxwellBiosciences@edelman.com
Investors:
Mira Sirotic, CMA
investor.relations@maxwellbiosciences.com
Maxwell Biosciences, Inc.
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