- VitaDAO, a community-owned project backed by Pfizer Ventures and Shine Capital among over 10,000 members, announced the launch of its first biotech company dubbed Matrix Biosciences with an initial funding of about $300k.
- The VitaDAO (VITA) token has gained about 72 percent YTD to trade around $1.69 on Tuesday and enjoys a WETH liquidity of over $3 million on Uniswap v3 and Balancer v2.
VitaDAO (VITA), an upcoming online community that is focused on driving early-stage longevity research through web3 funding, has announced the launch of its first biotech company dubbed Matrix Biosciences. The launch of Matrix Biosciences by VitaDAO is a strategic move to fulfill a community vote that approved a collaboration with Vera Gurbunova, a Ph.D. holder and co-chair of the University of Rochester’s Aging Research Center. Following the launch of Matrix Biosciences, the VitaDAO protocol has dispatched $300,000 to initiate the early activities.
The VitaDAO protocol further announced that more funding will be followed through IP-NFT fractionalization in early 2024. With the crucial funding, Matrix Biosciences will be in a position to commence the preclinical studies that are intended to test the hyaluronic acid-based compounds that are believed to relieve the effects of cancer in humans after a study on a certain class of rodents that ostensibly are resistant to cancer cells.
“I am looking forward to beginning this partnership with VitaDAO,” said Dr. Gorbunova, “The funding and support from the VitaDAO community will bring Matrix Biosciences one step closer to delivering groundbreaking treatments that will significantly improve outcomes for our vulnerable aging patient population. While this is a first step for Matrix Biosciences, it is only the beginning of the transformative impact these treatments can have on the lives of individuals suffering from cancer and aging-related disorders.”
VitaDAO and its Future Growth Prospects
The VitaDAO ecosystem relies on the VITA token for governance and rewarding the investors that have supported the project from its early development stage. Following the announcement, the VITA token continued to improve its liquidity and traded volume. According to the latest market data provided by Coingecko, VITA tokens traded around $1.69, with a daily average traded volume of approximately $398k.
Backed by the research and resources from Pfizer, the VitaDAO community has successfully funded 19 projects with a cumulative capital of over $4 million. According to Anthony Schwartz from VitaDAO, the strategic launch of Matrix Biosciences will help the project navigate through a complex drug discovery process that has been delayed in traditional companies due to a lack of an established path.
“Thanks to the collective drug development experience from 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 an established path. We are pleased with the early data generated thus far and its potential for advancing into clinical trials,” Schwartz added.
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