Company description:
Toronto-based biotechnology company developing a next generation gene editing platform for the treatment of severe neurological and neuromuscular genetic diseases such as amyotrophic lateral sclerosis (ALS) and Huntington’s disease.
- Technology: Platform
- Modality: Gene therapy delivered = LNP-mRNA or single AAV
- Stage: Preclinical
Why it matters (The breaktrough idea):
Specific Biologics is developing a next generation gene editing technology called Dualase ® that uses a two-site mechanism to make precise genetic corrections to disease-causing DNA while minimizing unintended edits. This novel approach is designed to overcome important safety and efficacy limitations of existing gene editing technologies.
The platform has the potential to address a wide range of genetic diseases. Specific Biologics is initially focused on diseases caused by abnormal DNA repeat expansions, with a lead program targeting a genetic form of amyotrophic lateral sclerosis (ALS)
adMare’s role:
Validation
- Academic research translation: Specific Biologics’ Dualase® gene editing platform is based on breakthrough research by Dr. David Edgell at Western University.
- Scientific and commercial validation: adMare worked with the founding team to assess the differentiating aspects and commercial potential of the Dualase® technology. This led to the development of a focused R&D plandesigned to validate the breadth of this technology platform across a selected number of promising disease targets.
Incubation
- Seed investment and syndication: Early-on, adMare attracted Lumira Ventures to this investment opportunity, and both firms co-led Specific Biologics’ Seed financing , providing the capital needed to execute the R&D validation plan.
- R&D execution and de-risking: Following seed financing, adMare collaborated closely with the company in the execution of this multi-year validation program that evaluated six therapeutic targets using in vitro assays and animal models. This work helped identify ALS as the company’s lead program and generated critical proof-of-concept and efficacy data needed to attract Series A investors.
- Operational support: adMare provided scientific expertise, project management, strategic guidance and governance support as Specific Biologics advanced its platform and built internal capabilities.
- Talent development: Through adMare’s ASCEND postdoctoral fellowship program, Specific Biologics was able to augment its scientific team with highly qualified talent to help advance key R&D priorities. adMare provided 50% of the Fellow’s compensation, as well as recruitment, onboarding, and leadership development support, helping the company build capacity and conserve capital while advancing its development programs and contributing to Canada’s next generation of life sciences talent.
Acceleration
- Series A investment and syndication: adMare participated in Specific Biologics’ US $35 million Series A financing (CAD $49 million), demonstrating continued confidence in the company and helping catalyze a strong investment syndicate. The round strengthened Canadian ownership with continued investment from Lumira Ventures along withnew domestic investment from Genesys Capital, BDC Life Sciences Venture Fund, and Seido Capital. Led by U.S. investor Hatteras Venture Partners the round also attracted international capital and expertise.
What’s next?
The Series A financing will support the safety, manufacturing, and regulatory work required to advance Specific Biologics’ lead ALS program toward a first-in-human clinical trial. The company will also continue pursuing partnerships and advancing additional applications of the Dualase® platform, creating opportunities to address other serious genetic diseases.
Benefit to Canada?
adMare helped transform a breakthrough technology originating at Western University into an investment-ready Canadian biotechnology company. By combining domestic capital with scientific, operational and talent support, adMare helped Specific Biologics generate the evidence needed to attract significant Canadian and international investment.
The company’s progress demonstrates how targeted early-stage support can create highly skilled jobs, strengthen Canadian expertise in next-generation gene editing, and keep more intellectual property and economic value rooted in Canada. The Series A also represents one of the first investments by BDC’s new Life Sciences Fund, highlighting the importance of adMare’s role in building a strong pipeline of investable Canadian companies ready for new sources of domestic growth capital.