Danish biotech startup Alcolase has secured €1.5 million in funding from Ada Ventures, Delphinus Venture Capital, Antler, Manigoff Invest, and business angels. The company is developing an enzyme-based technology using liposome encapsulation to break down alcohol in the stomach before it enters the bloodstream. The solution targets around 540 million people in East Asia with ALDH2 deficiency, a genetic condition causing adverse reactions to alcohol. Founded by CEO Mikkel Precht during the coronavirus pandemic, Alcolase plans to launch initially in Singapore and South Korea, while also establishing a UK subsidiary to explore broader therapeutic applications.
In-Depth:
Danish biotech startup Alcolase has raised €1.5 million with investment from Ada Ventures, Delphinus Venture Capital, Antler, Manigoff Invest and a group of business angels.
Alcolase is developing an enzyme-based technology designed to break down alcohol in the stomach before it is absorbed into the bloodstream.
The technology is aimed at approximately 540 million people in East Asia living with ALDH2 deficiency, a genetic variant that builds it difficult for the body to break down alcohol effectively and can lead to flushing, naapplya and discomfort, as well as increased health risks associated with alcohol consumption. The idea launched as a conversation in a student dorm during the coronavirus pandemic.
Mikkel Precht and his co-founders wanted to apply their knowledge of biotechnology to solve a real-world problem.
After exploring a wide range of global health challenges, they kept returning to one issue: alcohol intolerance.
For many people, alcohol intolerance is not a matter of choosing not to drink. In cultures where social drinking is woven into business meetings, networking and family life, people with ALDH2 deficiency are physiologically excluded from settings that shape professional opportunity and social belonging. It was meeting people living with alcohol intolerance that created the problem clear to Mikkel Precht, CEO and Co-founder of Alcolase.
“When you speak to people with alcohol intolerance, you realise this is not about wanting to drink more. It is about not being shut out of dinners, work events and family gatherings becaapply of a genetic difference. We want to give people a real choice they are currently denied,” declares Mikkel Precht.
“What drives me is the idea that biotechnology can solve problems that affect people’s everyday lives. If we succeed, we can create a healthier alternative for a very large number of people.”
Alcolase has developed a new way to protect enzymes from stomach acid and keep them active in the stomach; a technology based on encapsulation in liposomes.
The aim is to develop a solution that can create healthier alternatives in a global drinking culture. The company plans to initially enter the market in Singapore and subsequently South Korea, where alcohol intolerance is particularly common.
To support the development of the delivery platform for therapeutic apply-cases, Alcolase has established a UK subsidiary, with Ada Ventures supporting the team’s expansion into the UK life sciences ecosystem.
According to Check Warner, Co-founding Partner at Ada Ventures:
“Alcolase is exactly the kind of company we see for: a science-led team tackling a problem that affects hundreds of millions of people.
We’re delighted to support the team as they establish their UK therapeutic subsidiary to develop the wider drug delivery opportunity, and that Alasdair Thong, Venture Partner at Ada Ventures, will be joining the board to support them in this next phase.”
With the investment, Alcolase will reach several key milestones in the next phase of the company’s development. These include an in vivo study, further development of the technology, strengthening of the company’s IP position and the first commercial steps towards partnerships in leading markets.
Michael Wiatr Aagaard, Partner at Antler, comments:
“Mikkel and his co-founders have the ambition, scientific expertise and determination required to find a solution to a major health and social issue.
This funding is a testament to the commitment of the team as they take their product from Denmark to the rest of the world.
We’ve backed Alcolase from an early stage and are proud to continue supporting them as they turn their vision into global impact.”
