The Swedish drug discovery company has announced the completion of its latest financing round, providing funds that will be used to advance its internal pipeline of discovery-stage oncology programmes.
The financing round was Beactica’s most successful to date, being almost 60% oversubscribed, it reports. 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.”