UPPSALA, Sweden, December 15, 2014 /PRNewswire/ --
Beactica, the Swedish fragment-based drug discovery company, today announced the closure of a financing round to progress prioritized internal drug discovery programmes. The investment was led by Almi Invest and included UNIONEN, Uppsala University Holding as well as private investors. All existing investors and founders participated in this round of financing.
Beactica intends to use the funds to progress the development of ongoing discovery-stage programmes in the area of cancer. Specifically, the company is developing novel compounds for the epigenetic regulation of various cancer forms through the selective and reversible inhibition of lysine-specific histone demethylases. Significant research shows that inhibitors of this enzyme class can be used for the treatment of several common cancers. Furthermore, these enzymes are also important in other diseases which could potentially give Beactica's compounds wider applications.
"We are happy to close this financing round and thank existing as well as new investors. Our epigenetic programmes have already shown promise and this financing will enable us to power research forward," said Beactica CEO, Dr Per Källblad. "The investment is also an excellent development in our long-term relationship with Almi. Together with our other backers, they have created a robust framework for Beactica's future growth."
Allan Asp, Investment Manager, Almi Invest, commented: "We are pleased to be able to increase our investment in Beactica. Since our first investment in 2009 we have been impressed with Beactica's ability to turn scientific excellence into business."
Beactica AB is a specialist drug discovery company, utilising its proprietary methodologies to evaluate the interactions of molecules in order to generate novel therapeutics. As well as progressing its own drug discovery programmes, Beactica offers expertise and services in the area of SPR biosensor-based small molecule interaction analysis and partnerships for fragment-based lead generation using its proprietary discovery platform. Founded in 2006 based on research carried out at Uppsala University and first-hand experience from the drug discovery industry, Beactica has established a robust reputation as the leader in SPR biosensor-based small molecule drug discovery.
For more information, please visit http://www.beactica.com.
About Almi Invest
Almi Invest AB is a venture capital company investing in Swedish companies with scalable business concepts and prospects for long-term capital growth. Almi Invest was formed in 2009 at the initiative of Almi Företagspartner AB and is a subsidiary of the Almi Group. The proceeds that Almi Invest generate over time is turned into new investments, which means that Almi Invest is a so called Evergreen Fund.
For more information, please visit http://www.almiinvest.se.
For additional information please contact Dr Per Källblad, Beactica CEO, +46-18-560880.
SOURCE Beactica AB and Almi Invest AB