Actimed Therapeutics Ltd, a U.K.-based clinical stage specialty pharmaceutical company focused on bringing innovation to the treatment of cancer cachexia and other muscle wasting disorders, has raised more than £5 million ($6.4 million) in an over-subscribed Series A financing round.
The investment will support the development of the Actimed pipeline, including S-pindolol benzoate, with preparations under way for a phase 2b/3 program (the IMPACT program) targeted at the treatment of cancer cachexia in non-small cell lung cancer and colorectal cancer.
The Series A round involved participation from existing investors, including India-based pharmaceutical company, Mankind Pharma, as well as new non-institutional investors.
Proceeds from the financing will be used to further advance the Actimed development portfolio, notably its lead asset S-pindolol benzoate. Actimed is currently completing preparations for regulatory filings of S-pindolol benzoate to support the initiation of the global phase 2b/3 IMPACT clinical development program.
S-pindolol has demonstrated promising results in a phase 2a, proof of concept trial, the ACT-ONE trial, and the company has completed a pharmacokinetic/pharmacodynamic (PK/PD) study with S-pindolol benzoate that met all pre-defined clinical objectives.
Earlier this year, Actimed launched a Series B financing round aimed at funding the IMPACT programme to completion. It aims to close the Series B financing in the second half of 2023.
Robin Bhattacherjee, chief executive officer of Actimed Therapeutics, said: “We are delighted to announce the rapid and successful closing of our oversubscribed Series A financing round, which follows the £10 million in seed financing we announced earlier this year. We are well positioned to advance the clinical development of S-pindolol benzoate, which has demonstrated a highly promising profile for the treatment of cancer cachexia, where there remains a high unmet need.
“As we move towards late-stage development, we are excited by the prospects for this important new therapy which could potentially transform the lives of patients suffering from this often-fatal condition.”