Cambridge, Mass. (June 3, 2016) – (download press release .pdf) Aldatu Biosciences, a Cambridge-based biotechnology company developing diagnostic tools to address unmet clinical needs in global health, recently received a program-related investment (PRI) from CH Innovations (a subsidiary of the Charles H. Hood Foundation), a Boston based organization whose mission is to fund entrepreneurial efforts to improve the health and quality of life for children around the world. The company says that a key factor in their selection as a PRI recipient was their recent restructuring from a traditional C-Corporation to a related, mission-focused entity called a Public Benefit Corporation (PBC).
“From the beginning, Aldatu has been committed to applying our proprietary PANDAA™ technology to the development of diagnostic solutions that improve access to quality patient care around the world,” said David Raiser, co-founder and CEO of Aldatu. “We are actively raising funds for our product development efforts, and we wanted to signal to investors that Aldatu is a company with a clear public health mission, and as such is a good candidate for impact-driven investments. The Public Benefit Corporation structure seemed like an ideal way for us to do this, and a great fit for Aldatu.”
Raiser explained that a Public Benefit Corporation is still a private, for-profit entity, but as a PBC Aldatu’s amended charter now includes the explicit public benefit mission of the company, which is “to improve human health globally and to create products that address diagnostic challenges in global healthcare.”
“The Charles Hood Foundation is a respected organization with a long history of supporting child health-focused research, and the investment from CH Innovations is great validation of our business model and our decision to restructure as a PBC,” said Raiser. “We couldn’t be happier to be working with them, and we are optimistic that this investment will help to attract other impact-driven investors to Aldatu in the near future.”
CH Innovations (CHI) makes program-related investments in biomedical enterprises developing solutions for improving children’s health. The organization invests charitable capital on behalf of the Hood Foundation to support leading healthcare scientists, researchers, and entrepreneurs in transitioning game-changing life science research to sustainable, high-impact solutions.
“In our investment search, we tried to identify companies with both strong potential for commercial success and a clear commitment to making an impact on child health.” John Parker, Vice President of the Board of Trustees (Hood Foundation) & Managing Director (CH Innovations)
“Aldatu’s status as a PBC clearly demonstrated the company’s mission-driven approach, and was an important factor in our decision to invest.” said John Parker, Vice President of the Board of Trustees at the Hood Foundation and Managing Director of CH Innovations. “We’re thrilled to have Aldatu as one of our early investments. They’re tackling an incredibly important problem, and doing so in a thoughtful, deliberate way.”
The $100,000 investment is earmarked for efforts to develop the company’s lead product, a rapid HIV drug resistance genotyping test designed for use in low- and middle-income countries. The product has strong potential to benefit child health through enhancement of prevention of mother-to-child transmission (PMTCT) efforts and facilitation of efficient drug-patient matching for pediatric and adolescent populations.
More information:
About the Charles H. Hood Foundation and CH Innovations
The Charles H. Hood Foundation was incorporated in 1942 to improve the health and quality of life for children through grant support of New England-based pediatric researchers. In total, the Foundation has distributed over $63 million to New England investigators, many of whom are now leaders in child health research. CH Innovations, LLC is a new vehicle which makes philanthropic investments on behalf of the Hood Foundation in early stage companies developing biomedical solutions with significant benefit for children. More information can be found at www.springhood.com/ch-innovations.
About Aldatu Biosciences
Aldatu Biosciences is a Boston-based, seed-funded biotechnology company developing innovative diagnostic tools based on its proprietary genotyping platform, PANDAA. Aldatu is committed to commercializing products that address diagnostic challenges in global health, primarily in HIV and other infectious diseases, and which improve both the quality of patient care and healthcare cost-efficiency. Inquiries can be sent to change@aldatubio.com, and more information can be found at www.aldatubio.com.
Aldatu Biosciences Forward-Looking Statement
This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.