A DAO community focused on DeSci will provide financial support
Vitadao Decentralized Cluster has funded early stage long-term research, biotech company Matrix Biosciences to provide treatments for cancer and aging diseases.
The first discussions regarding the use of high molecular weight hyaluronic acid (HMW-HA) for its anti-cancer and anti-aging effects were in 1998. They were launched in November 2022 and achieved majority consensus in March 2023. A snapshot of the proposal was used by 35 members who voted. VITA symbols
Out of the lot, 30 members supported the issue, 4 members did not vote and 1 member opposed the proposal. An active contributor to decentralized science (DeSci), VitaDAO has made an initial investment of $300,000 and plans to raise additional funding in early 2024 by simulating intellectual property (IP).
The HWA-HA compound is derived from the tissues of nude mice, a type of mouse that has strong anti-cancer properties responsible for their long lifespans.
A spokesperson for VitaDao told Cointelegraph that the funding is for Matrix Bio USD Coin (USDC) stablecoins from the community treasury by converting them into US dollars and depositing them into their bank accounts.
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Once the first set of trials is complete, Matrix Bio will have the option to raise additional funding by issuing IP Tokens (IPTs) to share management rights in IP development. The next fundraising round will begin after the budget for the next phase of growth is established, expected in Q1 2024.
Vitadao believes that modulating HMW-HA appears to be a viable therapeutic candidate to support the treatment of complex diseases such as cancer. The DAO told Cointelegraph:
“As with most early stage research, it's too early to know what the results of the study will provide. Vitadao believes the research has a high chance of being translated into the clinic.
While the DAO's commitment to support this particular cancer research depends on the results of various trials, the VitaDAO Community Fund previously funded a $1 million research project interest before seeking support from venture capitalists and pharmaceutical stakeholders.
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