Checkmate Capital Group Completes Seed Investment in Lactiga, Inc.
Initial Equity Financing Supplements Grant Awards Received by Lactiga
PRINCETON, N.J., Nov. 02, 2020 (GLOBE NEWSWIRE) — Lactiga, Inc. (“Lactiga”), an award-winning biotherapeutics company developing anti-infective biologics, is pleased to announce the completion of an investment by Checkmate Capital Group, LLC (“Checkmate Capital”) of Pasadena, California.
Lactiga is creating novel therapeutics targeting immunodeficiencies. Its lead product, LCTG-001, is designed for patients with Primary Immunodeficiency Diseases (PID), including Selective IgA Deficiency (SIgAD) and Common Variable Immunodeficiency (CVID). The company’s patented anti-infective biologic utilizes maternal antibodies derived from discarded breast milk, which is an exceptional source of immunity provided by IgA antibodies. LCTG-001 is also in pre-clinical studies as a potential treatment for COVID-19.
Lactiga jointly received a $2 million dollar NIH R01 Emergency Award to advance its COVID-19 therapeutics program in collaboration with the Icahn School of Medicine at Mount Sinai. Lactiga also won the Business Innovation Award at the annual Small & Mighty Summit against a field of over 100 businesses and took second place at the LaunchYU Accelerator competition. Furthermore, Lactiga advanced to the Semi-Finals in a Rapid COVID Testing Competition, a $5 million, six-month competition to develop faster, cheaper, and easier-to-use COVID-19 testing methods at scale.
The seed funding from Checkmate Capital, which is part of a larger funding round, will provide essential financial support for continued product development, intellectual property protection, regulatory engagements with the U.S. FDA, and enhancing Lactiga’s network of relationships with breast milk banks across North America and Europe. Lactiga will also utilize Checkmate’s extensive network for international licensing and other commercial opportunities.
Lactiga owns all of its intellectual property and received patent approval in Canada in 2020. Additionally, patents are pending in the US, EU and Japan. Additional patent filings will be made in Asia, including China.
“We are pleased to welcome Checkmate Capital as our first institutional investor, as we aim to bring our novel therapeutics into the clinic and advance our development infrastructure,” said Dr. Viraj Mane, Lactiga’s co-founder and Chief Scientific Officer. “We are excited about the prospects of LCTG-001, both for its timely role as a potential treatment for COVID-19 and for vulnerable patients suffering from a range of immunodeficiency diseases. We are delighted to partner with the team at Checkmate Capital and believe their ongoing financial and strategic support, along with their biotechnology experience, will help drive our success.”
Checkmate Capital’s CEO, Tom Paschall, who will join Lactiga’s board of directors, commented, “We have been impressed since our earliest interactions with Lactiga’s management and scientific team, notably Dr. Mane and Lactiga’s other co-founder, Dr. Rikin Mehta. Our most successful biotechnology investments have typically involved outstanding scientific leaders and innovators. Lactiga is the first company we are aware of that has patented a process to extract an immunological therapeutic from discarded breast milk, currently an unutilized waste stream. We are thrilled to offer our financial and commercial support to Lactiga as we believe the importance of novel antibodies has been underscored by the COVID-19 pandemic. In addition to the urgent need for a broad spectrum of COVID-19 therapies, the treatment of immunocompromised and immunodeficient patients is an unsolved medical need.”
Dony Zaidi, Managing Director at Checkmate Capital, added, “I am extremely excited about our seed-stage investment in such a promising company. This investment lays the groundwork for future investments by Checkmate Capital and our global network of venture partners in top tier North American opportunities like Lactiga.”
Lactiga, Inc. is a biotherapeutics company developing new treatment options for patients with Primary Immunodeficiency Diseases, including Selective IgA Deficiency, Common Variable Immunodeficiency and other rare immune diseases, and repurposing its technology toward COVID-19 treatment in response to the global pandemic.
For more information, please visit www.lactiga.com.
About Checkmate Capital
Checkmate Capital is an investment group managing family office assets and with access to Asian-Pacific institutional funds. Checkmate Capital’s primary areas of investment are agricultural bioscience, waste technology, energy production and energy technology, biomedical and biotechnology, and diversified special situation opportunities. With offices in Pasadena, California and Beijing, China, Checkmate Capital has a team of professionals able to provide seasoned expertise in Checkmate Capital’s focused industries, leveraging a powerfully efficient international ecosystem of strategic partners, business talent and resources. Checkmate Capital’s strategic oversight facilitates synergistic relationships among its portfolio companies as well as technology licensing in territories instrumental to the success of its portfolio companies.
For more information, please visit www.checkmatecapital.net.