INDIA – Drug giant Mankind Pharma Limited (Mankind Pharma) has increased its investment in Actimed Therapeutics, a clinical-stage biopharmaceutical company based in the United Kingdom, for its promising cancer treatment.
The fast-growing pharmaceutical company in India had earlier helped Actimed close its second and final tranche of seed financing.
The successful closing of the recent financing round brings Actimed’s total seed funding to about US$10.87 million (£10 million).
Following the recent investment, Atish Majumdar, President of Mankind Pharma, joins Actimed Therapeutics as a member of its Board of Directors.
Moreover, Mankind Pharma’s support will help Actimed Therapeutics to finance its development pipeline of cancer cachexia treatment, an unmet medical need for cancer patients, and various muscle wasting disorders.
Cachexia is a wasting disease that accompanies cancer and other serious chronic illnesses and is associated with significant morbidity and mortality.
Despite its prevalence and devastating clinical effects, there is no globally approved pharmaceutical product for the treatment or prevention of cancer-related cachexia.
“Actimed is developing its lead asset S-pindolol for the treatment of cancer cachexia and has successfully completed a pharmacokinetic/pharmacodynamic (PK/PD) study for the drug which met all pre-defined objectives,” Mankind said in a release.
Actimed’s lead product, S-pindolol benzoate (ACM-001.1), is a new salt of S-pindolol in clinical development for cancer-related cachexia.
It has demonstrated promising results in a Phase 2a, proof of concept trial, and the company has plans to initiate Phase 2b/3 clinical development programme.
Subsequently, Mankind’s latest investment is a key clinical milestone in supporting the clinical development of the promising cancer treatment innovated by the UK-based biotech company.
“The investment will support Actimed’s planned clinical development activities including the preparation for the Phase 2b/3 programme for S-pindolol benzoate,” the Indian company said.
Upon successful completion of the clinical trials, Actimed is planning Phase 2b/3 studies in cancer cachexia which will be conducted in strategic markets.
“We are thrilled to announce the successful closing of this financing round, the financing includes support from both longstanding and new investors, notably Mankind Pharma,” Robin Bhattacherjee, Chief Executive Officer of Actimed Therapeutics, said in a release.
He outlined that the funds received from the group of investors demonstrates confidence in Actimed’s strategic goal to develop innovative globally approved treatments for cancer cachexia and other muscle wasting conditions.
He acknowledged the support from Mankind while welcoming Atish Majumdar to the Actimed Therapeutics Board of Directors.
“With these funds, we will complete feasibility activities for the clinical development programme for S-pindolol benzoate,” CEO Robin added.
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