Actimed Therapeutics closes £10m financing for cancer wasting syndrome

UK-based clinical stage specialty pharmaceutical company Actimed Therapeutics Ltd has announced completion of its second and final £5 million tranche of seed financing.

Actimed focuses on bringing innovation to the treatment of cancer cachexia – a significant unmet medical need for cancer patients, and other muscle wasting disorders.

Cachexia is a complex change in the body that causes the patient to lose weight despite continuing to eat normally.

Scientists do not fully understand what happens in cachexia and it cannot be fully reversed with current treatments.

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.

The asset is being developed for the treatment of cancer cachexia.

The closing of the round brings the total seed funding raised to approximately £10 million.

Robin Bhattacherjee, Chief Executive Officer of Actimed Therapeutics, said commented:

“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.

“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.”

Following the financing, Atish Majumdar, President (Sales & Marketing) of Mankind Pharma joins Actimed Therapeutics as a member of its Board of Directors.

Atish Majumdar, President (Sales & Marketing) at Mankind Pharma, said:

“Mankind Pharma is proud to have led this final tranche of seed financing that will support the further advancement of Actimed Therapeutic’s pipeline.

“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.”