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CINCINNATI, March 26, 2021 /PRNewswire/ -- Amplicore Inc., an early-stage biopharmaceutical company currently developing locally delivered and minimally invasive therapeutic solutions for musculoskeletal diseases, has successfully closed its Series Seed round of funding at $4 million. Investments were led by Photon Fund, with participation from Industrial Technology Investment Corporation, Berkeley Catalyst Fund, and SVE Capital.
"We are very pleased to have accomplished this important milestone and to have such an eminent group of investors supporting our science and vision," stated Dr. Chia-Ying (James) Lin, Founder, President, and CEO. "These proceeds will enable Amplicore to complete the preclinical development of its two leading products, AM3101 and AM1101, and position the company for the next round of financing."
Amplicore is also leveraging a study on the healing of acute meniscal tear after surgical repair, supported by a grant from the US Department of Defense (DoD). Meniscal tears are among the most common knee injuries and are frequently associated with sports and military injuries to the knee joint. Much of the meniscus is avascular tissue, and the limited blood supply to this area impedes the healing process, resulting in a surgical failure rate of ~25%. Amplicore's technology has demonstrated promising pre-clinical results as a potential minimally invasive and regenerative approach to managing soft tissue injury.
The company is also developing AM1101 as a treatment for osteoarthritis (OA) designed to reduce joint OA pain, inhibit cartilage degradation, and promote tissue regeneration of the aberrant cartilage associated with the disease. AM1101 addresses a large unmet medical need in the treatment OA, a debilitating and degenerative musculoskeletal disease.
About Amplicore, Inc.
Amplicore, Inc. is an early-stage startup Biotech company based on technology developed in the laboratories of Dr. Chia-Ying James Lin, the company's founder, at the University of Cincinnati. Headquartered in Mason, OH, the company is dedicated to developing novel injectable therapeutics to serve unmet medical needs of degenerative musculoskeletal disorders. Unlike current therapies that focus on the palliative treatment of these disorders, Amplicore is taking a regenerative approach to treat joint osteoarthritis, cartilage damage, degenerative disc disease, and acute meniscus tear. The company's lead products AM3101 and AM1101 address significant deficiencies in the current standard of care for the treatment of acute meniscal tear and OA, respectively. Our mission is to translate scientific innovation into effective but minimally invasive products that can be easily delivered to patients.