EnGeneIc aims to raise $20 million in bridging funding, until the IPO market reopens and the company can pursue a Nasdaq listing next year.

The company, founded in 2001 by former CSIRO scientists Jennifer MacDiarmid and Himanshu Brahmbhatt, who still serve as co-CEOs, has created a new way of delivering cancer drugs that is more potent and less toxic than existing treatments.

EnGeneIC Dream Vector, its patented biotechnology is designed to carry antibody-targeted, non-living nanocells directly into tumour cells, which then attack the cancer and trigger an immune response by activating natural killer cells (which detect the nanocells? bacterial origin), without damaging healthy cells.

The technology is a method of delivery, which can be combined with existing therapies such as chemotherapy drugs.

The company, was awarded The AFR?s most innovative in the health industry this year, has clinical and preclinical work underway using its platform to target some of the most aggressive and deadly cancers, including pancreatic, mesothelioma and glioma.

Its most progressed work is in pancreatic cancer, in which a phase 2A trial has been completed in Australia and another is under way at Memorial Sloan Kettering Hospital in New York.

EnGeneIC is also applying its nanocell technology to a COVID-19 vaccine that is safe for immunocompromised people, and early studies suggest it protects people from all variations of the virus. It has phase one trials at hospitals in Melbourne and Sydney.

The $20 million raise will include a $2 million crowdsourced equity funding component via VentureCrowd, which is almost complete.

The funding is being raised on the same terms as its 2021 round, giving the business a $US184 million post-money valuation.

EnGeneIC has already been granted investigational new drug status by the US Food and Drug Administration for its pancreatic cancer trial.

What is EnGeneIC?

EnGeneIC is a biotech company with a proprietary EDV? nanocell platform for the targeted delivery of chemotherapeutics and functional nucleic acids in cancer. Their patented technology makes cancer treatment more potent and far less toxic.

Beyond oncology, EnGeneIC?s EDV? has the potential to be used in vulnerable COVID-19 patients and other future viral pandemics, with the company having begun human trials in Australia for this purpose.

This presents a unique opportunity for wholesale investors wanting to increase their allocation prior to IPO or dive in to gain a new allocation while the opportunity presents itself.

Explore more about EnGeneIc here.