June 15, 2023
Frederick, Maryland based Theradaptive, a biopharmaceutical company breaking new ground in targeted regenerative therapeutics, has successfully concluded a $26 million Series A funding round. This significant investment will be instrumental in advancing the development of Theradaptive’s groundbreaking targeted regenerative therapeutics.
The primary focus of these funds will be to drive the fulfillment of regulatory requirements and facilitate the scaling up of Good Manufacturing Practices (GMP) in anticipation of first-in-human clinical trials scheduled for later this year. Furthermore, the investment will facilitate the expansion of Theradaptive’s platform beyond its current application in orthopedics, encompassing additional indications such as oncology and dental care. With this latest funding, Theradaptive’s total funding surpasses $50 million, a remarkable achievement. It is worth noting that the company has previously received non-dilutive grant funding from prestigious sources like the Department of Defense and the Maryland Stem Cell Research Fund.
Recognizing the transformative potential of Theradaptive’s technology, the FDA has granted the company a remarkable three breakthrough medical device designations for various spinal indications. These designations allow Theradaptive to follow an accelerated review schedule, ensuring expedited access to breakthrough treatments for patients in need. The FDA’s support and recognition of the demand for precise and targeted therapeutics further validate Theradaptive’s mission.
Commenting on this milestone, Dr. David Stewart, VP of Operations at Theradaptive expressed, ‘We’re delighted that our investors recognize the potential of the Theradaptive platform across indications, from cancer to orthopedics. Support from our partners is essential to continue our work to make existing biologics more precise, persistent, and localized, and thus safer and more effective. Our mission is to offer new treatment possibilities to patients who currently have few options, and this funding will help us achieve this.’
‘Theradaptive’s platform is exciting because it has the potential to improve therapeutics in a wide variety of indications’ said John Greenbaum, SVP of Regulatory & Clinical Affairs at Theradaptive. He continued, ‘With the world’s population aging, the company’s spinal repair product will be more important than ever, and new programs at the company based on the same protein engineering platform will also address the $300 billion oncology market. We’re looking forward to taking our operations to the next level, scaling up manufacturing, preparing for clinical trials in the US, and continuing to push the boundaries of what is possible in regenerative medicine and targeted therapeutics more broadly.’
Theradaptive’s journey began with its founder, whose inspiration for the technology stemmed from witnessing the devastating consequences of extremity injuries resulting in delayed amputations among servicemembers. This personal experience led to extensive research into bone and tissue regeneration at MIT, with a specific focus on overcoming the limitations associated with existing regenerative medicine approaches. These limitations include the need for anatomically precise outcomes and the delivery of therapeutics over extended periods of time. It was from this research that Theradaptive emerged as a separate entity. The company’s unique protein-engineering platform enables the production of targeted therapeutics that can be applied to implants, devices, and injectable carriers, ensuring hyper-local delivery that can persist for weeks to months.
About Theradaptive
Founded in 2016 and headquartered in Maryland, U.S., Theradaptive is a venture-backed biopharmaceutical and medical device company dedicated to leveraging its therapeutic delivery platform to precisely deliver biologics to the necessary sites in the body. Their technology offers high local precision and persistence, effectively addressing unmet medical needs. Theradaptive’s innovative platform is facilitating the development of new therapeutics in spine, orthopedics, soft tissue repair, and targeted immuno-oncology.
