#Canada #Toronto #biotechnology #Synakis #vision preservation

Synakis Raises $2.6 Million in Pre-Seed Funding to Support Ocular Therapy Development

In a notable development for the field of biotechnology, Synakis Corp., a Toronto-based company, has announced the successful closure of its oversubscribed CAD $2.6 million pre-seed financing round. This funding will play a crucial role in advancing the company’s innovative product, SNK-125, a vitreous replacement therapy specifically designed for conditions like retinal detachment and glaucoma.

The funds raised will primarily facilitate the completion of GLP toxicology studies, which are essential for filing with Health Canada for an Investigational Testing Authorization (ITA). These studies are expected to be wrapped up by early 2027, allowing Synakis to push ahead with the regulatory processes necessary to bring their product to market. The funding will also assist in optimizing the therapy's delivery mechanisms, which is a critical aspect for the efficacy of ocular treatments.

This financing round saw contributions from highly recognized entities such as Toronto Innovation Acceleration Partners (TIAP) and Chiefswood Private Capital Inc., along with additional investments from the Ontario Centre of Innovation (OCI) through the Life Sciences Innovation Fund (LSIF) and the Canadian Glycomics Network (GlycoNet) via their Kickstart Program. Such backing reflects the strong belief and commitment these organizations have in Synakis and its innovative approach to addressing unmet medical needs in ocular health.

Prakash Gowd, the Interim President and CEO of TIAP, expressed confidence in the venture, stating that their investment aligns with their mission to transform Canadian health science innovations into commercially viable products. Likewise, Jake Krembil, Vice-President of Chiefswood, expressed admiration for Synakis, emphasizing the firm's rigorous scientific approach and the promising potential of its technology.

The technology behind SNK-125 is built on Synakis’ exclusive hydrogel platform, designed specifically for safe delivery in ocular treatments. This therapeutic approach aims to alleviate the common challenges associated with existing treatments—specifically the blurry vision and the requirement for patients to maintain a face-down position after certain ocular procedures.

Molly Shoichet, Synakis’ Chief Scientific Officer (CSO) and Co-Founder, highlighted the company's enthusiasm about advancing technologies aimed at preserving vision, while Dr. Rob Devenyi, a vitreoretinal surgeon and Co-Founder, emphasized the pressing need for better therapeutic solutions in light of the limitations present in current retinal detachment treatments.

The CEO of Synakis, Thierry Nivaggioli, remarked that this financing indicates both the robustness of their scientific research and acknowledges the necessity for improved therapies within the retinal field. This latest round of investment not only points to the company’s potential but also signifies a positive trajectory for innovations in eye care and treatment.

About Synakis

Synakis Corporation is a preclinical biotechnology firm based in Toronto, focused on developing ocular therapies intended to preserve vision through their proprietary platform technology. Originating from the research lab of Professor Molly Shoichet at the University of Toronto, the company is dedicated to exploring solutions for retinal diseases, retinal detachment, and glaucoma.

For further details, visit their official website: www.synakis.ca.

Conclusion

Synakis' successful pre-seed round sets a promising stage for future advancements in retinal therapies and reinforces the importance of continued investment in healthcare innovations. With an increasing demand for efficacious treatment options, particularly within the realm of vision care, Synakis stands at the forefront of addressing these challenges through its groundbreaking technologies.