VitaDAO, a decentralized autonomous group (DAO) collective devoted to early-stage longevity research, funded the launch of a biotech firm, Matrix Biosciences, which is devoted to treating cancer and getting older ailments.
The preliminary discussions round the usage of excessive molecular weight hyaluronic acid (HMW-HA) for anti-cancer and pro-longevity results began in November 2022 and gained majority consensus in March 2023. The proposal snapshot reveals that 35 members solid their votes utilizing VITA tokens.
Out of the lot, 30 members supported the trigger, 4 members abstained from voting, and one voted towards the proposal. As an energetic contributor in decentralized science (DeSci), VitaDAO made an preliminary funding of $300,000 and plans to hold out additional funding by way of tokenization of mental property (IP) in early 2024.
The HWA-HA compound is derived from the tissues of bare mole rats, a rodent with stronger cancer resistance, which is accountable for their greater lifespan.
Speaking to Cointelegraph, a VitaDAO spokesperson revealed that the funds have been offered to Matrix Bio by changing USD Coin (USDC) stablecoins from the community treasury to U.S. {dollars} and wiring the cash to its checking account.
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Once the primary batch of experiments is full, Matrix Bio could have the choice to lift extra funding by issuing IP Tokens (IPTs) in return for sharing governance rights within the ongoing growth of the IP. The subsequent fundraising spherical will start after the price range for the following growth part is established — anticipated to be within the first quarter of 2024.
VitaDAO believes modulating HMW-HA seems to be a viable therapeutic candidate in treating a fancy illness like cancer. The DAO informed 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 dedication to funding this specific cancer research will rely upon the outcomes obtained from the varied experiments, VitaDAO’s community treasury has previously funded as much as $1 million of a research venture’s wants earlier than enlisting the help {of professional} buyers and pharma stakeholders.
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