In a groundbreaking move, the VitaDAO community has rallied behind the cause of early-stage cancer research by establishing Matrix Biosciences, a cutting-edge biotech company.
VitaDAO, a decentralized autonomous organization (DAO) focused on advancing early-stage longevity research, has championed the formation of Matrix Biosciences. This innovative company is dedicated to pioneering treatments for both cancer and age-related diseases.
The inception of this venture traces back to discussions in November 2022, revolving around the use of high molecular weight hyaluronic acid (HMW-HA) for its anti-cancer and pro-longevity effects. The consensus on this transformative approach solidified in March 2023, with 35 members expressing their votes through VITA tokens.
Among the voters, 30 members fervently supported the cause, four opted for abstention, while one member opposed the proposal. As an active participant in decentralized science (DeSci), VitaDAO made an initial investment of $300,000 and plans to extend its financial support through the tokenization of intellectual property (IP) in early 2024.
The HMW-HA compound, derived from the tissues of naked mole rats—a rodent renowned for its robust cancer resistance and extended lifespan—holds promise as a groundbreaking therapeutic candidate.
In a statement to Cointelegraph, a spokesperson from VitaDAO disclosed that funds have been allocated to Matrix Biosciences by converting USD Coin (USDC) stablecoins from the community treasury into U.S. dollars, wired directly to the company’s bank account.
Upon the completion of the initial set of experiments, Matrix Biosciences will have the opportunity to secure additional funding by issuing IP Tokens (IPTs). These tokens will be offered in exchange for sharing governance rights in the ongoing development of the intellectual property. The next fundraising phase is anticipated to kick off in the first quarter of 2024, once the budget for the upcoming development stage is established.
VitaDAO remains optimistic about the potential of modulating HMW-HA as a viable therapeutic solution for complex diseases like cancer. The DAO conveyed to Cointelegraph, “Like most early-stage research, it is too early to predict the outcomes. However, VitaDAO believes there is a high likelihood that the research will eventually translate into clinical applications.”
The commitment of the DAO to funding cancer research hinges on the results garnered from these experiments. Notably, VitaDAO’s community treasury has previously allocated up to $1 million for the needs of a research project before seeking support from professional investors and pharmaceutical stakeholders.