VitaDAO, a decentralized autonomous organization (DAO) collective dedicated to early-stage longevity research, funded the launch of a biotechnology company, Matrix Biosciences, dedicated to the treatment of cancer and diseases of aging.
Initial discussions on the use of high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and life-prolonging effects began in November 2022 and gained a majority consensus in March 2023. The proposal eth/proposal/0x747f0e671d6e049ce501fba8067c9da3b0502b8945daa890ca98f36a63bc7246″ target=”_blank” rel=”noopener nofollow”>snapshot reveals that 35 members cast their votes using VITA tokens.
Of the total, 30 members supported the cause, four members abstained from voting and one voted against the proposal. As an active collaborator in decentralized science (DeSci), VitaDAO made an initial investment of $300,000 and plans to conduct additional funding through intellectual property (IP) tokenization in early 2024.
The HWA-HA compound is derived from tissues of naked mole rats, a rodent with increased resistance to cancer, responsible for its longer lifespan.
Speaking to Cointelegraph, a VitaDAO spokesperson revealed that the funds were provided to Matrix Bio by converting the community treasury’s USD Coin (USDC) stablecoins to US dollars and transferring the money to its bank account.
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Once the first batch of experiments are completed, Matrix Bio will have the option to raise additional funds by issuing Intellectual Property Tokens (IPT) in exchange for sharing governance rights in the continued development of the IP. The next round of fundraising will begin after the budget is set for the next phase of development, which is expected to be in the first quarter of 2024.
VitaDAO believes that modulation of HMW-HA appears to be a viable therapeutic candidate in the treatment of a complex disease such as cancer. The DAO told Cointelegraph:
“Like most early-stage investigations, it is too early to know what the outcome of the investigation will be. “VitaDAO believes there is a high probability that the research can be translated into the clinic.”
While the DAO’s commitment to funding this particular cancer research will depend on the results obtained from the various experiments, the VitaDAO community treasury has in the past funded up to $1 million of a research project’s needs before enlist the support of professional investors and pharmaceutical stakeholders.
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