Actimed Therapeutics Ltd has completed its second and final £5 million ($6 million) tranche of seed financing. The round was closed with an investment by Indian pharmaceutical company, Mankind Pharma, marking Mankind’s first overseas investment of this type.
Actimed Therapeutics is a U.K. based clinical stage specialty pharmaceutical company focused on bringing innovation to the treatment of cancer cachexia, a significant unmet medical need for cancer patients, and other muscle wasting disorders.
The financing will support the development of the Actimed Therapeutics portfolio, including preparation for the phase 2b/3 program for the company’s lead asset, S-pindolol benzoate, being developed for the treatment of cancer cachexia. The closing of this round brings the total seed funding raised by Actimed Therapeutics to approximately £10 million ($12.1 million).
Following this financing, Atish Majumdar, president (sales and marketing) of Mankind Pharma joins Actimed Therapeutics as a member of its board of directors.
Robin Bhattacherjee, chief executive officer of Actimed Therapeutics, said: “We are thrilled to announce the successful closing of this financing round, which brings our total seed funding to £10 million, well ahead of our original target.
“With these funds, we will complete feasibility activities for the clinical development programme for S-pindolol benzoate, which has shown promising potential efficacy in this area of major unmet need.”
Actimed Therapeutics has successfully completed a pharmacokinetic/pharmacodynamic (PK/PD) study with S-pindolol benzoate, which met all pre-defined objectives and is a key clinical milestone supporting its further clinical development.
Actimed Therapeutics is now planning phase 2b/3 studies in cancer cachexia which will be conducted in key strategic markets.
About Actimed Therapeutics
The company was founded in 2017 by Stefan Anker and Andrew Coats, two physicians in muscle wasting research, together with Yann Colardelle, a professional in communications and medical education who has been involved in research and education in cachexia.
The lead area of focus for Actimed Therapeutics is specifically in cachexia. Cachexia is a wasting disease that is associated with cancer and other serious chronic illnesses and with significant morbidity and mortality. A significant number of cancer patients suffer from cachexia and it is estimated that cachexia is responsible for up to 20% of all cancer deaths.
Despite its prevalence and devastating clinical effects, there is no globally approved drug for the treatment or prevention of cancer-related cachexia.
The company’s lead product, S-pindolol benzoate (ACM-001.1) targets multiple pathways that drive cachexia and has generated promising proof of concept phase 2a clinical data in cachexia patients. Actimed Therapeutics is currently preparing for further phase 2b/3 clinical studies in cachexia in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC).
Actimed Therapeutics also owns the global rights to its second asset, S-oxprenolol, which is being developed by the company for the muscle wasting seen in amyotrophic lateral sclerosis (ALS) where loss of body mass and muscle wasting may impact survival. Actimed has licensed the global rights to develop and commercialize S-oxprenolol for cancer cachexia and any other indications outside of ALS to US company Faraday Pharmaceuticals.