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Protect Bio Completed Series A Fundraising, Establishing New Platform for Animal Therapy

by Oscar Wu
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Protect Biotech has completed its Series A fundraising, securing over $10 million from investors such as Forwardasset and Beiley Biofund Inc. (Beiley). This places the company among Taiwan’s largest biotech startups in terms of funding this year, highlighting the market recognition of animal medications. The company plans to continue developing its immunotherapeutic drugs, while forming global partnerships to accelerate its positioning in the companion animal healthcare market.

Globally, the veterinary healthcare market is expected to grow from $213.9 billion in 2022 to $227.83 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 6.5%. In Taiwan, animal-related sales have increased by 49% over the past four years, with over 2 million dogs and cats. The number of animal-related businesses has also grown by 30% from 6,486 in 2018 to 8,335 in 2022, indicating a growing demand in the animal industry.

Protect Biotech’s Three Main Technology Platforms and Developing Pipelines across Seven Age-Related Disease Areas

Protect Bio’s platforms include the PD1/CTLA-4 immunotherapy platform with PT-001 recombinant protein cancer vaccine and PT002 DNA vaccine; the VERIMMUNE anti-tumor immune delivery system using proprietary Virus-like Particle (VIP) technology; and the DotBio antibody modularization platform for accelerating its early-stage drug development. PT001 is prepared for IND filing early next year, then will soon begin its pivotal field trials for canine cancer treatment.

Additionally, Protect Biotech is developing and licensing multiple products focusing on age-related diseases, such as cancer, orthopedics, infectious diseases, heart disease, kidney disease, skin disease, and eye disease. The company plans to launch a range of products, including early disease diagnostic tools, functional foods, dermatological drugs, surgical materials, and gene therapy products, while its primary focus remains on the anti-tumor cancer vaccines.

The Investors are Optimistic About Protect Biotech’s Potential in The Development of Animal Oncology Drug

Beiley Biofund Inc. is bullish on the outlook of companion animal drug market, and optimistic about Protect Biotech’s potential to capitalize such growth, especially with its current animal cancer drug development. Liu Wen-Sheng, Senior Manager at Beiley, expressed confidence in Protect Bio becoming a leader in animal treatment.

Haolin Sung, CEO of Protect Bio, noted that animal medications have been limited and mostly derived from human drugs. The obvious challenges are in the development costs and differences in animal diseases. Protect Bio aims to establish a new clinical platform for animal drug development, making affordable new drugs available more quickly. These drugs might even become new candidates for human medications, benefiting more lives and building an international-class animal pharmaceutical company.

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