Date: Aug 21, 2014 Author: Greg Lamm Source: bizjournals (
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Seattle biotech startup Immusoft Corp. has raised $2.37 million from investors, including FF Science, a San Francisco venture fund that targets early stage technology and science companies.
Founder and CEO Matthew Scholz, who launched Immusoft in 2009, said the funding will allow his company to scale up research, including approaching the U.S. Food and Drug Administration about doing human clinical trials.
"It won't get us through our Phase 1, but hopefully it gets us right up to it," Scholz said.
The funding includes about $2 million from FF Science, an early stage investment fund launched by Founders Fund. Other investors include angels who have previously invested in Immusoft.
Immusoft is betting on finding a way to tap into and modify information stored in human cells to fight diseases. The process has been described as programming a person's own cells to become miniature drug factories.
Immusoft has received a total of about $1.2 million from private investors and grants from Founders Fund Partner and PayPal co-founder Peter Thiel's nonprofit Breakout Labs, as well as from the National Institutes of Health. The $2.37 million reported in a regulatory filing this week is the startup's first funding from institutional investors.
Immusoft works out of shared lab space in Seattle's Fremont neighborhood. The company has four employees. Scholz said Immusoft plans to hire two more people in the next month, including a scientist and an administrator to manage day-to-day operations.
Here is a YouTube video https://www.youtube.com/watch?v=7lZzeOBKR_E&feature=youtu.be with Scholz explaining how Immusoft working on programming a patient's own cells to become miniature drug factories.
