SciTech Development, Inc. Closes $5.5M Investment to Advance Oncology Drugs

SciTech Development, Inc., a clinical-stage, specialty oncology pharmaceutical company, has secured $5,500,000 in investment capital from investors. The company focuses on revolutionizing the delivery of safe and promising yet challenged drugs to effectively target and eliminate cancer cells. This funding round underscores investor confidence in the company's innovative approach to oncology therapeutics. At the core of SciTech's work is ST-001 nanoFenretinide, its lead drug candidate currently undergoing clinical trials. This patented new drug utilizes advanced nanotechnology to treat T-cell lymphoma, a form of non-Hodgkin lymphoma. The U.S. Food and Drug Administration has granted ST-001 Orphan Drug Designation, a status that offers seven years of market exclusivity upon approval. Preliminary clinical data for ST-001 has shown confirmed partial response and stable disease, indicating its potential efficacy. The newly raised capital will be instrumental in accelerating SciTech Development's growth initiatives and advancing its clinical development programs. Specifically, the funds will support the ongoing Phase 1a clinical trials for ST-001, which are targeted for completion by December 2024. The company has observed that ST-001 is safe and tolerable at escalating dose levels, efficiently delivering therapeutic doses. Furthermore, the investment will support plans to expand clinical trials, including an anticipated study for small cell lung cancer expected to commence in the second quarter of 2025. SciTech Development, Inc. aims to continue its mission of bringing innovative oncology treatments to patients. With this new investment, the company is strategically positioned to progress ST-001 through subsequent clinical trial phases and explore its broader therapeutic applications, ultimately working towards providing novel solutions for difficult-to-treat cancers.