The biotech company has announced the closing of new share issue, raising in total 55 million SEK from current major shareholders including Industrifonden and Östersjöstiftelsen, together with new shareholders from the Sciety network of investors.
The new capital will be used for a clinical Phase 2 study and Athera aims for partnering with a larger industry actor when the study is completed.
Completion of three Phase I studies
Athera develops a candidate for indications within cardiovascular disease, where current treatment is insufficient. Following completion of three Phase 1 studies, the company has now raised the capital for completion of a clinical Proof-of-Concept Phase 2 study, with the aim to close an agreement with a larger pharmaceutical company once the study is complete. Eleven hospitals are participating in the Phase 2 study and the first patient was treated a couple of weeks ago.
“Athera has a therapeutic antibody and now aims to generate Proof-of-Concept data in an indication with great medical need, through a mechanism reducing vascular inflammation,” said Athera Chairman Gunnar Olsson. ”Addressing inflammation following treatment for acute myocardial infarction in high risk patients could contribute to improved outcome by decreasing the risk for heart failure.”
In the frontline
In the issue of new shares to finance the study, current major shareholders Industrifonden, Linc AB och Östersjöstiftelsen participated. Sciety has supported the process to raise the capital and the introduction of new investors from the Sciety-network.
”Athera is in the frontline of this area and are well positioned for a partnering agreement with an industry actor within a couple of years and this is very attractive for us and our investment network,” says Andreas Lindblom, CEO at Sciety.
”Athera decided to work with Sciety for their effective process to raise capital combined with their competence in life sciences and a strong investor network. With the help of Sciety we could complete the new issue of shares in a short time. Both management and major shareholders are very pleased with the collaboration,” says Carina Schmidt, CEO at Athera.
In picture: Knut Pettersson, CSO Carina Schmidt, CEO. Photo: UP THERE, EVERYWHERE AB