AmacaThera raises $3.25 mln for post-op pain therapy

AmacaThera, a Toronto-based developer of injectable hydrogel technology for medical applications, has raised $3.25 million in initial seed-stage financing. The round was led by BioVentures and Viva Biotech and joined by Grey Sky Venture Partners and other investors. Based on research discovered at the University of Toronto, AmacaThera's technology aims to provide a sustained release of therapeutic agents from injectable, biocompatible hydrogels. Its first product, AMT-143, targets post-operative pain control with the goal of eliminating opioid use. AmacaThera will use the funds raised for Phase I clinical trials.