Targtex, a spin-off company from the research group of Professor Gonçalo Bernardes at iMM dedicated to develop a new local therapy for the treatment of Glioblastoma (GBM), concludes the Seed Extension financing round with 2M€ invested by Basi, which joins Portugal Ventures as investors in this project.
Currently, there is no effective therapy for GBM on the market. As a potential solution for this limitation, TargTex focuses on the development of a hydrogel to be applied into the site of tumour removal that releases an active substance in a controlled way over several days to eliminate the remaining cancer cells that have not been removed by surgery. This investment will be used to complete a package of toxicological data, enabling the Research & Development (R&D) phase to be completed and to begin clinical trials in humans.
Basi is a company within the FHC Group, one of the most relevant business groups in the pharmaceutical sector in Portugal, with multinational activity and responsible for the research, development and production of the more than 200 different therapeutic drugs in the group’s portfolio. In addition to the financial support, the investment from Basi is strategically important for the TargTex as it attracts a partner with a vast pharmaceutical experience, enabling the start-up to enhance their R&D pipeline for other types of cancer and potentially reduce production costs of new therapeutic drugs.