SciTech Development Raises $2.73 Million in Oversubscribed Financing Round

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SciTech Development announced today the completion of a $2.73 million investment round spearheaded by several major life science investors to accelerate clinical trials for Non-Hodgkin Lymphoma and Small Cell Lung Cancer.

Storm Lake Capital (SLC), HRN Family Office, The National Foundation for Cancer Research (NFCR), Pointe Angels, and other accredited investors are leading SciTech’s capital commitment. This round of investment will help SciTech move on with the first clinical trials of ST-001 nanoFenretinide for the treatment of T-Cell Non-Hodgkin Lymphoma. Furthermore, as the Company approaches the dosing of the first batch of patients in the future clinical studies, SciTech is launching a second $3M Convertible Note Round (CNR) and a $14M Series A financing.

“HRN family office focuses on investing in the Biotech and MedTech sectors, with a focus on the oncology and therapeutics space. We believe SciTech’s dedication to developing cancer treatments for patients, combined with their utilization of advanced nanotechnology, make them an attractive partner for companies seeking to expand their oncology pipelines,” said Salvatore M. Buscemi, CEO, and Co-Founding Partner at HRN, LLC.

“SciTech has a remarkable team, and their journey has been incredible. We’re proud to have supported them from day one. With this new group of institutional investors and their strong track record in life sciences, we believe there’s no limit to what SciTech can accomplish.”

ST-001 is SciTech’s proprietary, nanoparticle-formulated lead drug candidate that has solved the medication fenretinide’s bioavailability difficulties without causing systemic toxicity. ST-001 drug shipping is planned in Q3 2023, with initial trials beginning soon after. NCT04234048, ClinicalTrials.gov identifier. Following the T-Cell Non-Hodgkin Lymphoma trial, a Phase 1 clinical trial for Small Cell Lung Cancer will begin.

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