VitaDAO, a decentralized collective dedicated to early-stage longevity research, funded the launch of a biotech company, Matrix Biosciences, dedicated to the treatment of cancer and aging diseases.
The initial discussions around the use of high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and pro-longevity effects started off in November 2022 and gained majority consensus in March 2023. The proposal snapshot reveals that 35 members cast their votes using VITA tokens.
The VITA token holders voted to agree or disagree with VitaDAO funding the HMW-HA cancer research venture. Source: snapshot.org
Out of the lot, 30 members supported the cause, 4 members abstained from voting, and 1 voted against the proposal. As an active contributor in decentralized science (DeSci), VitaDAO made an initial investment of $300,000 and plans to carry out further funding through tokenization of intellectual property (IP) in early 2024.
The HWA-HA compound is derived from the tissues of naked mole rats, a type of rodent that possess stronger cancer resistance which is responsible for their higher lifespan.
Speaking to Cointelegraph, a VitaDAO spokesperson revealed that the funds have been provided to Matrix Bio by converting USD Coin (USDC) stablecoins from the community treasury to the US dollar and wired to their bank account.
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Once the first batch of experiments is complete, Matrix Bio will have the option to raise additional funding by issuing IP Tokens (IPTs) in return for sharing governance rights in the ongoing development of the IP. The next round of fundraising will commence after the budget for the next phase of development is established, expected in Q1 2024.
VitaDAO believes modulating HMW-HA appears to be a viable therapeutic candidate in supporting the treatment of a complex disease like cancer. The DAO told Cointelegraph:
“Like most early-stage research, it is too early to know what the outcome of the research will provide. VitaDAO believes there is a high likelihood that the research will be translatable to the clinic.”
While the DAO’s commitment to funding this particular cancer research will depend on the results obtained from the various experiments, VitaDAO’s community treasury has in the past funded up to $1 million of a research project’s needs before enlisting the support of professional investors and pharma stakeholders.
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