Ascot-based Actimed Therapeutics closes second tranche of £10m seed financing
Actimed Therapeutics Ltd, the Ascot, Berkshire-based based clinical stage specialty pharmaceutical company focused on bringing innovation to the treatment of cancer cachexia and other muscle wasting disorders, has completed its second and final £5 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.
Cachexia is estimated to occur in up to 80 per cent of people with advanced cancer, depending on the cancer type and how well they respond to cancer treatment. And it’s thought to directly cause up to 30 per cent of cancer deaths, often because of heart or respiratory failure related to muscle loss.
In its most severe form, the physical deterioration that accompanies cachexia can leave a person not only weak and fatigued, but unable or unwilling to eat, and with alarming changes in appearance. For many, these problems can turn everyday life activities—a trip to the grocery store, meeting a friend for coffee, taking a bath—into Herculean tasks, if not outright impossibilities.
The financing will support the development of the Actimed portfolio, including preparation for the Phase 2b/3 programme 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 to approximately £10 million.
Following this financing, Atish Majumdar, President (Sales & 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. The financing includes support from both longstanding and new investors, notably Mankind Pharma, demonstrating confidence in our strategic goal to develop innovative globally approved treatments for cancer cachexia and other muscle wasting conditions. We are particularly pleased by the support from Mankind and warmly welcome Atish Majumdar to our Board of Directors. 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 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 is now planning Phase 2b/3 studies in cancer cachexia which will be conducted in key strategic markets.
“Mankind Pharma is proud to have led this final tranche of seed financing that will support the further advancement of Actimed Therapeutic’s pipeline” added Atish Majumdar, President (Sales & Marketing) at Mankind Pharma. “At Mankind, we believe that innovation will be a key part of our future growth strategy and this first such overseas investment represents a further step along that pathway. We have been inspired by Actimed’s novel pipeline and recognise the significant potential of S-pindolol benzoate as a new therapeutic option for cancer cachexia. We very much look forward to working with the experienced board and leadership team of Actimed to bring innovative new therapies to patients with cachexia.”
