Closing brings total Series A financing sum to $11 million
Funds to support expansion of team, technology platform and in vivo preclinical drug testing
SAN FRANCISCO, May 19, 2020 (GLOBE NEWSWIRE) -- Fountain Therapeutics (“Fountain”), a biopharmaceutical company building a pipeline of therapeutics to treat age-related diseases by reversing cellular age, today announced the closing of a $6 million Series A-1 financing, bringing its total Series A funding to $11 million. The round was led by Khosla Ventures, with participation from Nan Fung Life Sciences. Fountain previously closed on a $5 million Series A financing with Nan Fung Life Sciences in May 2018.
“We appreciate Nan Fung Life Sciences and Khosla Ventures’ strong support and confidence in our technology platform and experienced team,” said John Dimos, Ph.D., chief executive officer of Fountain Therapeutics. “Over the last two years we have built and validated our platform technology, which includes an AI-based drug screening platform and animal models for disease modeling and preclinical testing. This has allowed us to generate unprecedented insights into the cellular aging process. Today, thanks to the help of our investors, we are in a strong financial position to rapidly discover and develop a pipeline of novel therapeutics to target and reverse the biological process of aging with the potential to improve the quality of life for our aging population.”
Thomas Rando, M.D., Ph.D., co-founder and chair of the board of directors, added, “I have worked in the field of aging research for over 20 years and there is now enough scientific evidence to demonstrate that aging itself can be approached therapeutically to improve quality of life. I founded Fountain with the belief that targeting the underlying mechanisms of aging will be the most powerful way to treat diseases in the aging population. Fountain’s technology allows us to solve the challenges of aging with an unbiased and phenotypic-driven approach. This, together with the outstanding team of experts in aging research, places the company in a unique position to reveal new possibilities and radically transform the landscape of drug discovery and development for the treatment of age-related health conditions.”
Proceeds from the financing will be used to expand the senior leadership team and enhance the capabilities of Fountain’s technology platform. Proceeds will also be used to advance novel therapeutics identified by the platform through preclinical testing in animal models.
About Fountain Therapeutics
Fountain Therapeutics is a biopharmaceutical company building a pipeline of therapeutics to treat age-related diseases by reversing cellular age. The company’s cell-based AI-driven technology platform, fueled by the expertise of leaders in aging research and computation, extracts previously hidden cellular features that provide unprecedented and extensive insights into the aging process of cells. Fountain has united science, medicine and engineering to turn these insights and technology into a powerful drug discovery and development engine that introduces a new avenue to advance therapies for age-related health conditions.
For more information please visit https://www.fountaintx.com/.
Media Contact:
Monica Rouco Molina, Ph.D.
LifeSci Communications
+1-929-469-3850
mroucomolina@lifescicomms.com