Beactica closes financing round to accelerate its pipeline of novel cancer therapeutics
Uppsala, Sweden – 28 August 2018
Beactica, the Swedish drug discovery company, today announced the completion of its latest financing round, providing significant funds that will be used to advance the Company’s internal pipeline of discovery-stage oncology programmes.
The financing round was Beactica’s most successful to date, being almost 60% oversubscribed. Over one third of the investors were new to Beactica, raising the majority of the funds. The remainder was provided by several existing shareholders, including ALMI Invest and UNIONEN. The funds raised will accelerate the pipeline development over the coming 12 months. This will include the advancement of Beactica’s LSD1 programme through an in vivo proof-of-concept study in glioblastoma, and with studies in other indications to follow.
“Our pipeline of novel therapeutics is advancing well and we are very pleased with the confidence shown by our investors at this exciting time,” said Per Källblad, CEO of Beactica. “There is a pressing need for improved therapies for glioblastoma, and the new funds will enable us to accelerate the development of compounds that have shown promise in pre-clinical models.”
Allan Asp, Investment Manager at ALMI Invest, commented: "We are very pleased to be part of Beactica’s positive development. Since our first investment in 2009 we have been impressed with the Company’s ability to turn scientific excellence into business.”
About Beactica’s LSD1 Programme
Beactica’s LSD1 programme is focused on the development of first-in-class small molecule allosteric modulators of LSD1 that have a mechanism of action that is fundamentally different from the catalytic LSD1 inhibitors currently in clinical development. Non-toxic doses of Beactica’s compounds induce significant reduction of LSD1 protein in treated cells, indicating potential for a broad oncology scope. The programme has received funding from the Swedish Governmental Agency for Innovation Systems (VINNOVA) as well as the European innovation fund, Horizon 2020.
Beactica AB is a specialist drug discovery company, utilising its proprietary methodologies to evaluate the interactions of molecules in order to generate novel therapeutics. As well as progressing its own drug discovery programmes in areas of unmet medical need, Beactica offers partnerships for fragment-based lead generation using its proprietary discovery platform. Founded in 2006 based on research carried out at Uppsala University, Beactica has established a reputation as a world-leader in fragment-based drug discovery using SPR biosensor technology. For more information on Beactica, please visit www.beactica.com.