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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.
About the Fonds de solidarité FTQ The Fonds de solidarité FTQ invests to build a better society by channelling the savings of its 700,000 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centred world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $15.6 billion in net assets as at November 30, 2020, the Fonds has supported more than 3,300 partner companies and over 220,000 jobs.
To learn more, visit fondsftq.com.
SOURCE Fonds de solidarité FTQ
For further information: Press contact: Patrick McQuilken, Senior Advisor, Media Relations, Fonds de solidarité FTQ, Telework phone number: 514 703-5587, Email: pmcquilken@fondsftq.com