VitaDAO Funds Matrix Biosciences' Cancer and Aging Disease Research; Plans Tokenization of IP in 2024
Summary:
VitaDAO, a decentralized group focused on early-stage longevity research, financially backed Matrix Biosciences, a biotech company dedicated to combating cancer and aging diseases. Major majority consensus on using high molecular weight hyaluronic acid (HMW-HA) as anti-cancer and longevity tool was seen in March 2023. VitaDAO invested an initial amount of $300,000 and plans further funding in 2024 by tokenizing intellectual property (IP). Following completion of initial experiments, Matrix Bio may gain additional funds through issuing of IP Tokens. The subsequent round of collections will begin after setting the budget for the next phase of development projected for Q1, 2024.
VitaDAO, a decentralized group committed to the development of longevity research in its initial stages, has financially backed Matrix Biosciences, a biotech firm focused on combating cancer and aging diseases. The concept of utilizing high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and longevity benefits was initially debated in November 2022 and by March 2023, found majority consensus. The voting details show that out of the 35 members who voted using VITA tokens, 30 aligned with the initiative, 4 abstained, while one member opposed it. This was part of the VITA token holders' decision to either support or reject funding for the HMW-HA cancer research initiative. VitaDAO, an active participant in decentralized science (DeSci), committed an initial $300,000 towards this biotech experiment and plans for more investments by tokenizing intellectual property (IP) in early 2024. The HMW-HA compound is extracted from naked mole rats, a species of rodent known for its cancer resistance which contributes to their extended lifespan. In an interaction with Cointelegraph, a VitaDAO representative stated that the funds were transferred to Matrix Bio in the form of USD Coin (USDC) stablecoins, converted from community treasury to US dollar, and sent to their bank account. Upon completion of the initial experiments, Matrix Bio can opt to garner additional funds by issuing IP Tokens (IPTs) in exchange for distribution of governance rights in the ongoing IP development. Subsequent funding rounds will kick off once the budget for the next development phase is set, projected for the first quarter of 2024. VitaDAO holds the view that modulating HMW-HA could be a potential therapeutic strategy for complex diseases like cancer. VitaDAO spoke to Cointelegraph, stating that although it's still an early-stage research, they believe there's a high chance for the findings to be applied in clinical settings. While the cancer research funding commitment by the DAO largely depends on the results from various experimentation, VitaDAO's community treasury was previously able to fund up to $1 million for a research project's requirements before roping in professional investors and pharmaceutical stakeholders.
Published At
10/17/2023 10:53:40 AM
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