VitaDAO, a decentralized autonomous organization dedicated to funding and advancing early-stage longevity research, has launched its first biotechnology company, Matrix Biosciences.
The launch follows almost unanimously community votes Earlier this year, a collaboration was approved with Dr. Vera Gorbunova, co-chair of the University of Rochester Aging Research Center.
An initial $300,000 tranche of VitaDAO will be made available to Matrix Bio, followed by additional funding through IP NFT fractionalization in early 2024 – non-fungible tokens intended to represent intellectual property.
IP NFT fractionalization relies on technology from the VitaDAO-associated platform Molecule, which allows researchers to list NFT projects on the marketplace. The additional funding target of IP NFTs will be determined based on Matrix Bio’s needs, VitaDAO told The Block via email. VitaDAO’s latest fractionation project was 1,700% oversubscribed, the report said.
VitaDAO is part of an emerging movement known as decentralized science or DeSci. Unlike the current system, which relies on centralized agencies for research and funding, DeSci aims to generate research investment through crowdfunding initiatives and decentralized ownership.
Naked mole rats
The money will be used for preclinical studies testing new hyaluronic acid-based compounds found in long-lived cancer-resistant naked mole rats. The research aims to find an optimal drug candidate for the treatment of cancer and aging-related diseases, VitaDAO said.
“I look forward to entering into this partnership with VitaDAO,” Gorbunova said in a statement. “The funding and support from the VitaDAO community will bring Matrix Biosciences one step closer to delivering breakthrough treatments that will significantly improve outcomes for our vulnerable aging patient population.”
“Thanks to the collective drug development experience of VitaDAO’s online community and the collaborative nature and expertise of Dr. Gorbunova and the Matrix Biosciences team, we now have a well-designed development strategy in an area that has traditionally lacked the know-how or knowledge. well-established path,” added VitaDAO business builder Dr. Anthony Schwartz added. “We are pleased with the early data generated to date and its potential to progress into clinical trials.”
Pfizer support
Pfizer’s venture arm backed VitaDAO in a $4.1 million funding round in January, following a previously announced Commitment of $500,000 in September 2022. Shine Capital, L1 Digital and former Coinbase CTO Balaji Srinivasan, among others, also participated in the token-based round.
The investment marked the first time Pfizer joined a DAO, holding vita-governance tokens through a special purpose vehicle, and Participate in VitaDAO governance proposals.
VitaDAO said it has more than 10,000 members, has successfully funded 19 projects and deployed $4 million in capital to date. This includes Turn Biotechnologies, a Stanford University spinout that produces mRNA drugs, and a University of Copenhagen study on the impact of drugs on the aging process.
VitaDAO isn’t the only project working on DeSci initiatives, with ResearchHub – a startup co-founded by Coinbase CEO Brian Armstrong that rewards cryptocurrency scientists for publishing content – raising $5 million in a funding round in June.