FIT Biotech
closedDevelops GTU technologies and product applications in DNA vaccination and immunogene therapies.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor investor | €0.0 | round | |
| N/A | €3.6m Valuation: €43.2m | IPO | |
| Total Funding | 000k | ||
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FIT Biotech Oyj, formerly known as Finnish Immunotechnology Oy, was a Finnish biotechnology firm established in 1995. The company operated in the biopharmaceutical sector, focusing on the development and licensing of its patented Gene Transport Unit (GTU) technology. This platform was engineered to address challenges in the application of gene therapy and DNA vaccines, with a primary goal of verifying the preclinical efficacy of its drug candidates.
The company's core business involved applying its GTU technology across several development projects. These projects targeted significant medical needs, including antibody therapies for cancer immunotherapy and DNA vaccines for infectious diseases like HIV and tuberculosis. The technology enabled the production of antibodies within the human body, offering an alternative to industrially manufactured antibodies. The business model was centered on a hybrid approach of developing a proprietary pipeline of products and licensing its technology platform to other biopharma companies. Its revenue strategy involved generating income through research collaborations, licensing agreements, and advancing its own drug candidates through clinical trials.
Headquartered in Tampere, Finland, FIT Biotech maintained a cGMP-approved production facility in its home city and a research facility in Tartu, Estonia. A significant milestone in the company's history was its initial public offering (IPO) on the Nasdaq First North Finland market on July 1, 2015, which raised €3.5 million. However, the company faced financial difficulties, leading to its bankruptcy in February 2019. The insolvency was attributed to the discontinuation of a funding agreement with a capital investment firm. Trading of the company's shares on the Helsinki Stock Exchange ceased on February 25, 2019.
Keywords: gene therapy, DNA vaccines, Gene Transport Unit, GTU technology, cancer immunotherapy, infectious disease treatment, HIV vaccine, biopharmaceutical, biotechnology, drug delivery, preclinical development, clinical trials, antibody therapy, Tampere Finland, Nasdaq First North, licensing model, vector technology, Finnish Immunotechnology