TLDR:
- VC Portal Innovations has made its first investment in Atlanta’s biotech and life sciences scene by backing Moonlight Therapeutics.
- Moonlight Therapeutics is developing a treatment for peanut allergies using a proprietary skin stamp for drug delivery.
In Atlanta, biotech and life science startups have faced challenges due to limited lab space and funding opportunities compared to other major biotech hubs. To address this gap, Chicago-based VC firm Portal Innovations has opened a 33,000 square foot space in the Science Square complex to support biotech and medtech startups in Atlanta. The firm has also made its first investment in the Atlanta startup ecosystem, backing Moonlight Therapeutics, a biotech startup focused on developing treatments for food allergies.
Moonlight Therapeutics’ first treatment, MOON101, is designed to treat peanut allergies using a skin stamp for drug delivery. The startup recently raised over $5 million in a Series A investment round led by Portal Innovations to support clinical trials for MOON101. The funding will help Moonlight Therapeutics work towards gaining FDA approval for their treatment, which could potentially address a significant unmet medical need for patients with food allergies.
Portal Innovations’ investment in Moonlight Therapeutics not only provides crucial funding for the startup’s development but also highlights the potential for growth in Atlanta’s biotech sector. The collaborative environment at Science Square, where Portal Innovations is based, aims to attract biotech startups from other major hubs due to Atlanta’s lower cost of scaling a startup. The space offers shared lab facilities and a welcoming environment designed to integrate life sciences with the broader Atlanta tech ecosystem.
Overall, Portal Innovations’ investment in Moonlight Therapeutics and their presence in Atlanta’s biotech scene signify a significant step towards strengthening the city’s position as a growing hub for biotech and life sciences innovation.
