Fonds de solidarité FTQ Invests $3 Million in Giiant Pharma
MONTRÉAL, May 21, 2021 /CNW Telbec/ - The Fonds de solidarité FTQ is investing $3 million in Giiant Pharma, a Montreal-based preclinical biotech firm that today announced the closing of $13.5 million in financing.
With this financing, Giiant Pharma initiated its IND-enabling preclinical program with its lead candidate, GT-2108, for the treatment of moderate-to-severe ulcerative colitis. The team is also in active discussions with the aim to further expand its pipeline of precisely delivered drug therapeutics for gastrointestinal diseases.
"Investing for a better society means partnering with a Montréal biotech that's working on a treatment for ulcerative colitis. Thanks to a team led by Maxime Ranger, Giiant is on track to develop its lead drug candidate GT-2108 and other therapies for gastrointestinal diseases," said Geneviève Guertin, Vice President, Investments, Life Sciences, at the Fonds de solidarité FTQ.
The Fonds de solidarité FTQ has invested $1.6 billion since 1989 to support Québec's life sciences sector. Today, the Fonds' dedicated life sciences team has eight members, including a scientific investment director. The team invests directly in both life sciences firms and investment funds.