Dauntless Pharmaceuticals Inc., a biopharmaceutical company focused on the development of specialty drugs, has closed a $12 million Series A financing. The company was started by Joel Martin, co-founder, president and chief executive officer, and Sofinnova Ventures, the sole institutional investor in the Series A financing. Michael Powell, Sofinnova general partner, is a co-founder and will also serve as chairman. David Kabakoff, Sofinnova executive partner, will also serve on the company’s board of directors.

The new company says it will apply its experienced senior team and preclinical, clinical, and regulatory development capabilities to advance a select portfolio of product candidates through preclinical and human proof-of-concept clinical development. A hand-picked team of seasoned biotech professionals have joined the company. Dauntless and Sofinnova Ventures say they are committed to funding additional attractive development programs.

“I am pleased to be launching Dauntless with accomplished veterans, financial resources, and our first product candidate,” said Mr. Martin. “We intend to leverage established industry relationships, experienced personnel, and our operational capabilities to execute clinical trials efficiently across multiple assets. We invite entrepreneurs and licensors to consider partnering with Dauntless as a way to achieve their drug development objectives. I am very gratified to once again have the support and insight of the Sofinnova team as we build this business.”

Dr. Martin served most recently as the president and chief executive officer of Cebix Incorporated, a Phase 2b company in the Sofinnova Ventures portfolio.

The Series A financing will fund the development of DP1038, a preclinical-stage drug for the potential treatment of endocrine cancers. DP1038 exploits patented technology developed by Aegis Therapeutics LLC (www.aegisthera.com), a drug-delivery and drug-formulation company that has successfully licensed technology to leading pharmaceutical and biopharmaceutical companies.

The agreement provides Dauntless access to Aegis’ Intravail drug delivery technology. Financial terms were not disclosed.

“We are fortunate to be able to access Aegis’ proprietary Intravail drug delivery technologies for an application that will benefit cancer patients,” said Joel Martin, president and chief executive officer, Dauntless. “We have the option of licensing the Intravail technology for additional drugs and are looking at a number of exciting opportunities.”

Edward Maggio, chief executive officer, Aegis, said, “The team at Dauntless has a track record of rapid, cost-effective clinical development and we are delighted to work with them on this new venture. Dauntless has several innovative ideas to develop additional drugs formulated with Intravail and we are excited by the prospects of expanding the portfolio.”