Synakis Closes Oversubscribed C$2.6M Pre-Seed Round for Retinal Therapy

What's the deal? Synakis Corp., a Toronto-based biotech startup developing ocular therapies for retinal disease and glaucoma, has closed an oversubscribed C$2.6M pre-seed round. The funding will advance SNK-125, a vitreous replacement therapy for retinal detachment, through GLP toxicology studies by early 2027 and toward a regulatory filing with Health Canada.

The round was co-led by Toronto Innovation Acceleration Partners (TIAP) and Chiefswood Private Capital Inc., with additional backing from the Ontario Centre of Innovation (OCI) through the Life Sciences Innovation Fund (LSIF), and from the Canadian Glycomics Network (GlycoNet) through the Kickstart Program.

Why does it matter? Synakis' proprietary hydrogel platform was designed for safe ocular delivery and enables vitreous replacement and sustained therapeutic delivery. SNK-125 is intended to eliminate blurry vision and face-down posturing associated with existing gas and oil treatments for retinal detachment. Independent validation reinforces the potential of Synakis' hydrogel in retinal therapeutics.

Source: PR Newswire