Fountain intends to use the proceeds from the round to expand the senior leadership team and enhance the capabilities of its technology platform. It is also planning to use the newly raised capital to advance novel therapeutics identified by the platform through preclinical testing in animal models
Fremont, CA: Fountain Therapeutics, a biopharmaceutical company based in South San Francisco, CA, building a pipeline of therapeutics to treat age-related diseases by reversing cellular age, secured $6 million investment from Series A-1 round of financing, bringing its total Series A funding to $11 million. The funding round was led by Khosla Ventures, with participation from Nan Fung Life Sciences. Fountain earlier 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."
Fountain intends to use the proceeds from the round to expand the senior leadership team and enhance the capabilities of its technology platform. It is also planning to use the newly raised capital to advance novel therapeutics identified by the platform through preclinical testing in animal models.