Duo Oncology Closes $3M Series Seed

Duo Oncology, a life science company developing ultra-small cancer nanomedicines, is pleased to announce the close of a $3M seed investment round led by the venture capital firm, Seedfolio. Other notable investors in the round include BeiGene, Ulu Ventures, NuFund, LifeX and Innovation Works. The proceeds of this financing will be used to produce GMP clinical trial material and perform GLP toxicology studies. These activities are necessary for an IND filing with the FDA to initiate clinical trials of our lead product, DUO-207.

“We are thrilled to have had a successful fundraising round, especially given the difficult worldwide economic situation,” said Sam Rothstein, CEO of Duo Oncology. “We’ve been so encouraged by the enthusiasm of our investor group. It really signals the confidence that they have in Duo Oncology, our nanoparticle platform, lead product DUO-207, and the team that we have assembled.”

DUO-207 is an ultra-small nanomedicine that can penetrate deep into tumor tissue reaching cancer cells normally protected by dense, poorly perfused tissue. DUO-207’s core tiny size and potent payload set it apart from other nanomedicines now in clinical trials for pancreatic cancer, where over 80% of patients have dense, poorly perfused tumors. This product also showcases a unique platform chemistry for self-assembling nanomedicines exclusively licensed from the University of Pittsburgh and sets the stage for additional potent nanotherapies.

“Investments in this seed round will allow Duo Oncology to push ahead with the development of DUO-207 and we are excited to demonstrate how a novel self-assembling nanomedicine can improve therapeutic outcomes for patients with stroma-rich tumors.”