Octarine raises $1.8M Vækstfonden, Enexis AB, Oskare Capital and Bruce Linton.
Octarine Bio ApS, a Copenhagen, Denmark-based synthetic biology company developing biosynthetic platforms for cannabinoids and psychedelics announced closing of Seed financing round of $1.8 million.
This latest financing comes shortly after the company closed a pre-seed round in January 2020, bringing the total amount raised by the company to over $1.8M USD.
Proceeds from the round will be used to obtain important pre-clinical validation of the company’s novel, improved cannabinoid derivatives in in vivo animal models. In vitro data has demonstrated significant improvements in solubility, stability, and bioavailability of these molecules over natural cannabinoids and the company expects to be able to generate a lead candidate for further clinical development.
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.