- Extended Seed B round significantly oversubscribed
- Follows on from recent licensing deal to Faraday for S-oxprenolol
- Provides funds for further clinical development of lead asset S-pindolol (ACM-001.1) in cancer cachexia
LONDON, June 10, 2021 /PRNewswire/ -- Actimed Therapeutics Ltd, the clinical stage company focused on bringing innovation to the treatment of muscle wasting disorders, with a focus on cachexia, today announces the successful closing of its extended Seed B financing round which was significantly oversubscribed and has raised in excess of £2.5m.
The proceeds will allow Actimed to further advance the development of its lead compound, S-pindolol (ACM-001.1), for cancer cachexia, by performing a Pharmacokinetic (PK) and Pharmacodynamic (PD) study due to start later this year. Following discussions with EMA and MHRA, this study will investigate the PK and PD properties of a new formulation of S-pindolol developed by Actimed. The completion of this study will then pave the way to a full Phase 2b programme, which is planned to commence in 2022.
These funds will also support ongoing development plans for S-oxprenolol in amyotrophic lateral sclerosis (ALS) where Actimed retains all rights.
Robin Bhattacherjee, Actimed CEO, commented: "We are very pleased to close this £2.5m extended Seed B round with support from existing and new investors. This comes on the heels of our recent license agreement for S-oxprenolol to Faraday Pharmaceuticals. Taken together, this leaves Actimed in a strong financial position to complete the next phase of development for our lead asset S-pindolol (ACM-001.1) in cancer cachexia and move us towards initiating the full Phase 2b programme in 2022. The Phase 2b programme will be financed from a planned Series A round which will be initiated later this year. Our ambition is to make S-pindolol (ACM-001.1) the first globally approved product for treating the many patients that suffer from cancer cachexia."
About Actimed Therapeutics
Actimed Therapeutics is a clinical stage biopharmaceutical company focused on bringing innovation to the treatment of muscle wasting disorders to transform the care of an underserved and vulnerable patient population. Actimed was founded in 2017 by Stefan Anker and Andrew Coats, two world leading physicians in muscle wasting research.
The lead area of focus for Actimed is specifically in cachexia. Cachexia is a wasting disease that accompanies cancer and other serious chronic illnesses and is associated with significant morbidity and mortality. Despite its prevalence and devastating clinical effects, there is no globally approved drug for the treatment or prevention of cancer-related cachexia.
It has been estimated that cachexia affects 50–80% of cancer patients and accounts for up to 20% of cancer deaths. Treating cancer cachexia successfully may increase both the length and quality of life for cancer patients.
The lead product of Actimed, S-pindolol (ACM-001.1), formerly known as MT-102, targets multiple pathways that drive cachexia and has generated promising proof of concept Phase II clinical data in cachexia patients. Actimed is currently preparing for further clinical studies in cachexia in Non-Small Cell Lung Cancer (NSCLC) and Colorectal Cancer (CRC).
Actimed has licensed the global rights to develop and commercialise S-oxprenolol, the Company's second product, for cancer cachexia and any other indications outside of amyotrophic lateral sclerosis (ALS) to Faraday Pharmaceuticals. Actimed retains global rights to S-oxprenolol in ALS, where loss of body mass and muscle wasting may impact survival.
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SOURCE Actimed Therapeutics