A Dallas-based graduate of the Health Wildcatters startup incubator announced Thursday that his pharmaceutical company has raised nearly $1 million in investments just three months after the program ended.
Lantern Pharma CEO Dr. Arun Asaithambi said the majority of the funds came from the angel investment firm Green Park & Golf Ventures, which is also located in Dallas and has a longstanding relationship with Health Wildcatters. The company previously funneled $400,000 to Cariloop, a senior care technology company whose CEO graduated from the first Health Wildcatters class.
Asaithambi’s Lantern Pharma combines a pharmaceutical with data and genetic tests to target a subset of cancer patients that would benefit from his three-pronged treatment approach. Currently, he’s targeting prostate and ovarian cancers. It has a head-start on many of its fellow startups: Its product portfolio actually was owned by another company. And when that company was purchased, the purchaser chose to sell the portfolio rather than carry it on. Lantern Pharma then acquired it.
So the product has already undergone through Phase 2 clinical trials, which the original company has already spent millions on, Asaithambi said. His goal is to gain $2.5 million in investments.
“Lantern Pharma is leading a wave of innovation in cancer treatment that we believe will bring the best therapies to patients who are most likely to respond. Through molecular profiling, the cost of development is reduced and the speed to market is increased. We are thrilled that Health Wildcatters has helped bring this company to Dallas and GPG is looking forward to joining their journey as investors,” Clay Heighten, M.D., founding partner of GPG said.