Fibrotech Therapeutics, a University of Melbourne spin-out, secured $3 million in investment funding to advance development of its lead fibrosis drug, FT011, to completion of Phase Ib trials.
The company is developing drug candidates to treat the fibrosis prevalent in chronic conditions such as kidney disease, heart failure, pulmonary fibrosis, and arthritis. Its compounds are analogs of tranilast (Rizaben®), an antifibrotic agent that is off patent.
Fibrotech Therapeutics was formed by Darren Kelly of the department of medicine, University of Melbourne and St. Vincent’s Hospital, with the support of Melbourne Ventures, the technology transfer company for the University of Melbourne.
The funding is a Series A funding round from the Medical Research Commercialisation Fund, BBF1 IIF (both managed by Brandon Capital Partners) and Uniseed.