Actimed Therapeutics successfully closes second tranche of £10m seed financing to progress pipeline for treatment of cancer cachexia and other muscle wasting disorders
pharmafile | January 4, 2023 | News story | Business Services |
London, UK – 4 January 2023. Actimed Therapeutics Ltd, a UK 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 announces completion of 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.
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 commented “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” commented 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.”
About Actimed Therapeutics
Actimed Therapeutics is a clinical stage specialty pharmaceutical company focused on bringing innovation to the treatment of muscle wasting disorders to transform the care of an underserved and vulnerable patient population. Actimed was founded in 2017 by Stefan Anker and Andrew Coats, two eminent 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 for many years.
The lead area of focus for Actimed 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 cachexia1 and it is estimated that cachexia is responsible for up to 20% of all cancer deaths2.
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 is currently preparing for further phase 2b/3 clinical studies in cachexia in Non-Small Cell Lung Cancer (NSCLC) and Colorectal Cancer (CRC).
Actimed 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 survival3. Actimed has licensed the global rights to develop and commercialise S-oxprenolol for cancer cachexia and any other indications outside of ALS to US company Faraday Pharmaceuticals.
