Moleac, a Singapore-based natural medicine developer, has raised $3.5 million in Series A funding. Hunza Ventures led the round.
Singapore-based Moleac announced that it has raised US$3.5 million. This Series A investment comes from a group of private investors, who are based in both Europe and
NeuroAid(TM) is a natural medicine developed in
Moleac will also use the investments to fund international clinical trials that demonstrate the efficacy of NeuroAid(TM) during the acute stage of stroke. Currently, Moleac is supporting the CHIMES society which implements a multi- centre clinical trial with 1,100 patients, called the CHIMES trial. This is the largest clinical trial on stroke recovery. It is also the first time any Traditional Chinese Medicine product has been assessed on such a wide scale outside
“Demonstrating the benefits of NeuroAid(TM), when administered at the acute stage of a stroke, to the global market will enable it to become a systematic treatment modality. This is important, as there are currently no other drugs available to stroke patients, to help them during their recovery,” said David Picard, CEO/ co-founder Moleac. “We are targeting to hit revenues of US$30 million within the next 3 years, which will be mainly driven by NeuroAid(TM).”
In addition to NeuroAid(TM), Moleac has a pipeline of 12 other products. The company plans to market its second product, a smoking cessation medical device, in 2009.
Moleac is a
About Hunza Ventures
Hunza Ventures is the venture capital arm of a privately held group of companies. Hunza Ventures focuses its investments on the biotech, pharmaceutical, Medtech and high-tech industries. It invests in companies with great potential for value creation and applies its business experience, knowledge and networks to make them best-in-class.