VitaDAO community has launched a biotech company named Matrix Biosciences, which aims to fund early-stage cancer research.
Matrix Biosciences, a biotech company dedicated to treating cancer and aging maladies, was launched with funding from VitaDAO, a decentralized autonomous organization (DAO) collective devoted to early-stage research on longevity.
Discussions regarding using high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and pro-longevity effects began in November 2022 and reached a consensus in March 2023. The snapshot of the proposition reveals that 35 members voted with VITA tokens.
The VITA tokenholders voted on whether or not VitaDAO should fund the HMW-HA cancer research project. website: snapshot.org
Thirty members supported the cause, four abstained, and one voted against the proposition. As an active participant in decentralized science (DeSci), VitaDAO has made an initial investment of $300,000 and intends to raise additional funds in early 2024 by tokenizing intellectual property (IP).
The HWA-HA compound is derived from the tissues of naked mole rats, a rodent with enhanced cancer resistance and a longer life expectancy.
A spokesperson for VitaDAO disclosed that the funds were transferred to Matrix Bio by exchanging USD Coin stablecoins from the community treasury into U.S. dollars and transferring the funds to the company’s bank account.
Matrix Bio will be able to raise additional funding by issuing IP Tokens (IPTs) in exchange for governance rights in the ongoing IP development once the initial set of experiments is complete.
The following financing round will begin once the budget for the subsequent development phase has been established, which is anticipated to occur in the first quarter of 2024.
According to VitaDAO, modulating HMW-HA is a promising therapeutic candidate for treating complex diseases like cancer. DAO stated :
“Like most early-stage research, it is too early to know what the outcome of the research will provide. VitaDAO believes there is a high likelihood that the research will be translatable to the clinic.”
VitaDAO’s community treasury has previously funded up to $1 million of a research project’s needs before enlisting the support of professional investors and pharma stakeholders. However, the DAO’s commitment to fund this particular cancer research will depend on the results of the various experiments.
