SciTech Development, a Grosse Pointe Farms, MI-based clinical-stage, specialty oncology pharmaceutical company, raised additional $3.2M in funding.
The round, which brought the total amount to $12M, was led by Storm Lake Capital and Pointe Angels.
The company intends to use the funds to advance its Phase 1b clinical trials of ST-001 for T-NHL and subsequent clinical trials for small cell lung cancer.
Led by CEO Earle Holsapple, SciTech Development is a clinical-stage, specialty oncology pharmaceutical company that is working on how safe and promising yet challenged drugs can be delivered to kill cancer. The company has developed ST-001 nanoFenretinide, a patented formulation that is currently in clinical trials for T-cell lymphomas (a form of non-Hodgkin lymphoma). ST-001 has been granted Orphan Drug Designation by the FDA, which allows 7 years of market exclusivity once approved. In addition, SciTech’s nanoparticle drug delivery platform (SDP) maximizes the bioavailability of water-insoluble therapeutics and can potentially develop new drugs or improve other similarly challenged drugs.