Machavert closes A round financing of $4.5m

AUG 31, 2018 Business

Machavert has closed their A Round of financing of ~$4.5m by raising $2.2 million in the second tranche of this round from private investors. The funds are being used to advance Machavert’s leading drug candidate MP1000 in IND enabling studies and to expand Machavert’s portfolio of drug candidates. The drug portfolio expansion is focused mainly at taking advantage of the drug delivery platform based on MP1000 and demonstrating its therapeutic benefits in both efficacy and safety, as well as its versatility. Together with the seed round, this brings the total funds raised by Machavert to date to $5.5m. This has so far enabled Machavert to establish fully equipped and staffed chemistry and biology labs which, together with access to core facilities at the Anschutz Medical Campus, provided Machavert with the capability to conduct almost any preclinical drug development related R&D task necessary.