Actimed Therapeutics Announces Successful Closing of £2.5m Extended Seed B Funding Round
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, UK – 10 June 2021. 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.”