Palto Therapeutics receives 150,000 Swiss francs from Venture Kick
Allschwil-based Palto Therapeutics has won the third stage of the Venture Kick promotional funding program. As such, the company now stands to benefit from 150,000 Swiss francs in startup funding to support the further development of its RNA-based cancer therapy program.
The Venture Kick jury has named Palto Therapeutics from Allschwil in the canton of Basel-Landschaft as the winner of the third stage of the promotional funding program. Venture Kick winners are each entitled to receive an investment of 850,000 Swiss francs from the Kickfund as well as an InnoBooster grant totaling a further 150,000 Swiss francs. Palto Therapeutics was also supported by the Venture Mentoring program, which is operated by the investment and innovation promotion agency Basel Area Business & Innovation.
The innovation of the Allschwil-based startup consists of the development of a nanostructure known as SmartCoat. This precise and cost-effective technology can protect, traffic and target small interfering RNAs (siRNAs) to cancer cells. The technology can also be applied to other therapies that involve directly targeting therapeutically valuable molecules within diseased cells.
Expanding collaborations with partners
SmartCoat is “revolutionizing treatments for cancer and beyond”, as Venture Kick writes in a press release. The initiative for the promotion of startups also highlights its ambition of “making a meaningful impact in the current revolution of genetic medicine”.
According to the press release, Palto Therapeutics will put the 150,000 Swiss francs towards advancing the latest generation of its SmartCoat design and expanding collaborations with industrial partners. The next milestones are centered around “raising substantial seed financing in 2024”, with the aim of completing all non-clinical work to facilitate the start of the clinical trial.