Actimed Therapeutics secures £5m seed funding led by Mankind Pharma
The clinical stage pharmaceutical company raised the capital from Mankind Pharma to advance its lead cancer cachexia asset.
Share allotment filed at Companies House
A clinical stage specialty pharmaceutical company based in the UK, developing treatments for cancer cachexia and other muscle wasting conditions.
Actimed Therapeutics has secured £5m in the final tranche of its seed financing round, backed by Mankind Pharma. The capital will support the development of the company pipeline, specifically preparing for Phase 2b and 3 clinical programmes for its lead asset, S-pindolol benzoate.
This investment marks Mankind Pharma's first international venture of this kind. Following the transaction, Atish Majumdar of Mankind Pharma has joined the Actimed board.
The latest injection brings Actimed's total seed funding to approximately £10m. The company focuses on addressing cancer cachexia, a severe wasting condition associated with chronic illnesses that currently lacks globally approved drug treatments.
From the founder
"We are thrilled to announce the successful closing of this financing round, which brings our total seed funding to £10 million, well ahead of our original target. 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, which has shown promising potential efficacy in this area of major unmet need."
Robin Bhattacherjee
Chief Executive Officer at Actimed Therapeutics
Investor perspective
"Mankind Pharma is proud to have led this final tranche of seed financing that will support the further advancement of Actimed Therapeutic's pipeline"
Atish Majumdar
President (Sales & Marketing), Mankind Pharma
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
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About the company
Actimed Therapeutics
Actimed Therapeutics develops novel pharmaceutical treatments for cancer cachexia and muscle wasting disorders.