17/08/2023 Hofseth BioCare ASA: successfully completed seed round capital raise in HBC Immunology LLC at $20M valuation for the development of a new prostate cancer co-therapy

HBC Immunology LLC (“HBCI” or the “Company”), a majority owned subsidiary of Hofseth BioCare ASA (“HBC”), has successfully completed the required minimum seed capital financing of approx. USD 900,000 from external investors at a company valuation of USD 20 million to commence preclinical animal trials with their patented peptides, FT-002 and FT-005. These are analogs of peptides discovered by HBC in ProGo® Bioactive Peptides which modulate iron metabolism and have Qualified Health claims granted for this mode of action, verifying their safety and efficacy. HBCI may increase this round of seed capital to the end of October 2023.

HBCI is focused on the discovery and development of peptides that normalize tumor micro-environments, resulting in the improved performance of immunotherapies and chemotherapies. The first targeted indication is advanced prostate cancer with the aim to move into earlier stages of the disease and ultimately to both improve patient quality of life and survival. Other potential cancer indications with on-going in vitro work, include breast and ovarian cancer.

HBCI’s CEO Dr. Bomi Framroze says: “HBCI is at the forefront of research in using peptides to modulate gene expression. Our first therapeutic target is resistant CRPC (Castration-resistant prostate cancer). We hope to reinvigorate the sensitivity of these tumors to standard AR inhibitors via modulation of the FTH1 gene within the tumor micro environment.”

The objective of this round’s use of proceeds is to demonstrate the bioactivity of the lead peptides in animal xenograft models of prostate cancer. This seed capital is expected to fund HBCI to a decision to open a US FDA IND by the end of 2024.