A pre-Series A round led by the IAN Group, which includes the IAN Alpha Fund, powered by BioAngels, Vinayender Tulla, Nita Roy, and Venkataraman KNK, has raised Rs 6.5 crore for the biopharma startup Lamark Biotech. The round was led by IAN’s angel investors, who are domain experts.
Previously, the Ahmedabad-based business raised $41.3K in a seed funding round that was led by VIT-TBI and other investors.
The new funding will be used to expand the biologics platform for worldwide access and expedite the development of thermostable insulin, according to a press release from Lamark.
Lamark Biotech, which Vaibhav Bhatia founded in 2018, seeks to reinvent medication delivery for chronic and life-threatening illnesses. Its exclusive ProteoStrong platform makes it possible to stabilize delicate protein-based medications without changing their molecular structure, including insulin, enzymes, and monoclonal antibodies.
Lamark Biotech claims that it is developing a new class of temperature-resilient biologics that maintain their potency in harsh environments, making it ideal for underserved areas with limited cold storage infrastructure. It does this by utilizing the R&D base of Venture Center and NCL Innovation.
Targeting the Rs 4,000 crore Indian insulin market with its flagship program InsulinStrong, Lamark plans to grow throughout Southeast Asia and the United Arab Emirates. It intends to start early clinical trials, file new international patents, and form alliances with pharmaceutical companies, CDMOs, and international health organizations over the course of the next 24 months.
