VitaDAO, a collection of decentralized autonomous organizations (DAOs) focusing on early-stage longevity research, has invested in the establishment of Matrix Biosciences, a biotech company dedicated to combatting cancer and age-related diseases.
Initial conversations surrounding the potential use of high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and longevity applications began in November 2022, with a majority consensus reached in March 2023. The proposal snapshot indicates that 35 members, using the VITA voting token, participated in the decision-making process. Out of these, 30 members supported the proposal, four abstained, and one member voted against it. As an active participant in decentralized science (DeSci), VitaDAO has made an initial investment of $300,000 and plans to raise further capital through the tokenization of intellectual property (IP) in early 2024.
The HMW-HA compound is derived from the tissue of the naked mole rat, a rodent known for its remarkable resistance to cancer and prolonged lifespan.
According to a VitaDAO spokesperson, the funds were provided to Matrix Biosciences by exchanging stablecoins (USD Coin) from the community's treasury and then transferring the capital to the company's bank account. After completing the initial round of experiments, Matrix Bio will have the option to raise additional funds by issuing IP Tokens (IPT) in exchange for governance rights in the ongoing development of intellectual property. The next fundraising round will commence once the budget for the subsequent development phase is finalized, expected in the first quarter of 2024.
VitaDAO believes that modulating HMW-HA represents a promising therapeutic candidate for addressing complex diseases such as cancer. However, the DAO emphasizes that it's too early to draw conclusions regarding the research's results. VitaDAO has a track record of supporting research projects through its Community Finance division before garnering backing from professional investors and pharmaceutical stakeholders, offering funding of up to $1 million.
