Mankind Pharma finances clinical-stage speciality pharma firm Actimed Therapeutics, based in the UK
- ByStartupStory | January 24, 2023
On Monday, Mankind Pharma Ltd. disclosed that it has invested in UK-based Actimed Therapeutics Ltd., a speciality pharmaceutical firm in the clinical stage. Cancer cachexia, an unmet medical need for cancer patients, and other muscle wasting disorders are Actimed Therapeutics’ primary areas of study.
Actimed was able to complete its second and final seed fundraising tranche because to Mankind’s contribution. Actimed has successfully finished a pharmacokinetic/pharmacodynamic (PK/PD) research for the medicine, S-pindolol, which satisfied all pre-defined objectives. Actimed is developing this drug to treat cancer cachexia. Actimed is currently developing Phase 2b/3 trials in cancer cachexia, which will be carried out in critical markets, based on this important clinical milestone, which supports its continued clinical development.
Actimed’s planned clinical development activities, such as getting ready for the Phase 2b/3 programme for S-pindolol benzoate, will be supported by the financing.
Atish Majumdar, President (Sales & Marketing) of Mankind Pharma, joins Actimed Therapeutics as a member of its Board of Directors as a result of the transaction.
Atish Majumdar, President (Sales & Marketing) at Mankind Pharma commented “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.”
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. 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.”
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