Octarine Bio announced funding from Oskare Capital and Bruce Linton for its synthetic biology business.
Octarine Bio, a Copenhagen, Denmark-based synthetic biology company, announced that it secured a fundraising capital round.
The money was provided by private investors including Oskare Capital and Bruce Linton, known as former CEO at Canopy Growth Cooperation, the first cannabis producing company in North America to be listed on a major stock exchange (TSX).
The new funds will be used to strengthen the Company’s existing intellectual property and to demonstrate the commercial scalability of its fermentation-based production platform.
Octarine Bio IVS, founded by CEO Nethaji Gallage and Nicholas Milne, uses synthetic biology to develop rare and functionally superior cannabinoids and psilocybin derivatives targeting the pharmaceutical industry by using microbial fermentation.
Today, cannabinoids are mainly sold via plant extraction, but this method is resource intensive and it is difficult to meet the requirements around purity and quality to make a pharmaceutical drug.
Chemical production of cannabinoids has the drawback that iteration from one cannabinoid to the other is slow and costly. On the other hand, natural cannabinoids suffer limitations as pharmaceutical therapeutics due to their chemical nature such as insolubility, psychoactivity and low bioavailability.
Octarine solves this by providing an engineered yeast fermentation platform that produces natural and superior cannabinoids.