Imitex Closes Seed Funding Round to Advance AI-Driven Drug Discovery Platform
Melbourne, Australia — 14 July 2024
Imitex today announced the successful close of its seed funding round, raising capital to develop a proprietary AI-based drug discovery platform in partnership with Singapore-based QDX Technologies.
The funds will be deployed to build and train a machine learning model capable of identifying and optimising novel MEF2 activators — small molecule exercise mimetics targeting a $45 billion global market in muscle wasting disorders. The platform will combine AI-driven virtual screening with functional validation in Imitex's laboratory screening platform at Deakin University.
"This raise marks an important milestone for Imitex," said Executive Chairman Dr. Greg Collier. "We now have the resources to build what we believe will be a genuinely differentiated drug discovery capability — one that puts us in a strong position to identify best-in-class MEF2 activators efficiently and cost-effectively."
The funding provides runway to complete AI model development and identify lead compound families, setting the stage for a subsequent raise to fund lead optimisation and preclinical development.