Netherlands, September 6, 2022 — Pleco Therapeutics BV, a speciality biopharmaceutical business creating cutting-edge therapies to cleanse the cancer micro-environment, today announced the closing of its Series A fundraising, with a total of €17.3 million raised. The money will be used to finish developing and commercializing the company’s cutting-edge lead PlecoidTM Product, PTX-061, to increase the efficacy of chemotherapy in Acute Myeloid Leukemia patients (AML).
The investments consist of new equity commitments of €3.6 million from Oost NL and a small group of private investors, €5 million in government funding from the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO), and €8.7 million in equity and R&D project financing from Hyloris Pharmaceuticals SA (Euronext Brussels: HYL), which was previously announced in late 2021.
The round’s final close exceeded the company’s target of €15 million overall. It offers enough funding to finish the regulatory dossier development for PTX-061 in AML and have it prepared for submission to the FDA and EMA as soon as 2024. Additionally, it allows for the acceleration of preclinical studies in other indications, such as small-cell lung cancer (SCLC).
The chelating compounds used in Pleco’s patented, cutting-edge PlecoidTM therapies, which have the ability to shift the balance of protein expression within the cancer microenvironment by relieving cells of the burden of toxic metals, can enhance the efficiency of current chemotherapy.
Pleco Therapeutics’ Chief Executive Officer, Ivo Timmermans, said:
“We are thrilled to have obtained the funding required to forward the development of our lead therapeutic candidate for the treatment of AML, a blood malignancy with a very bad prognosis. We welcome our new shareholders warmly and appreciate Oost NL and RVO’s assistance.”
The RVO financing received by Pleco is the maximum amount permitted under the program’s Innovation Credit program, which supports business owners with innovative ideas that have a strong potential for commercial success. For creative start-ups, it offers specialized funding, a network on a national and international scale, and individualized guidance.
With its cutting-edge PlecoidTM therapies, which have been developed to significantly boost the efficacy of existing cancer treatments, Pleco Therapeutics, a clinical-stage specialized biopharmaceutical firm, intends to increase patients’ quality of life and lengthen their lives. Its cutting-edge PlecoidTM medicines have the potential to improve the efficiency of current chemotherapy by eliminating the load of harmful metals from cells and altering the balance of protein expression inside the cancer microenvironment. Pleco is a privately held corporation with its global headquarters in Nijmegen, the Netherlands, and Pleco Therapeutics USA Inc. in Newark, New Jersey.
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