LONDON, Jan. 4, 2023 — Actimed Therapeutics Ltd, a clinical-stage specialty pharmaceutical company based in the United Kingdom focused on bringing innovation to the treatment of cancer cachexia, a significant unmet medical need for cancer patients and other muscle wasting disorders, has completed its second and final £5 million seed financing tranche. Mankind Pharma, an Indian pharmaceutical business, invested in the round, marking Mankind’s first international investment of this sort.
The funding will help Actimed build its portfolio, including preparing for the Phase 2b/3 program for the Company’s key asset, S-pindolol benzoate, which is being developed to treat cancer cachexia. Completing this round takes Actimed’s total seed financing to around £10 million.
Aimed Therapeutics’ Chief Executive Officer, Robin Bhattacherjee, remarked:
“We are delighted to report the successful completion of this fundraising round, which takes our total seed funding to £10 million, well above our initial aim. Long-term and new investors, including Mankind Pharma, have contributed to the funding, confirming their belief in our strategic ambition of developing revolutionary internationally authorized medicines for cancer cachexia and other muscle-wasting disorders. We are very grateful for Mankind’s assistance and are delighted to welcome Atish Majumdar to our Board of Directors. We will use this funding to finish feasibility activities for the clinical development program for S-pindolol benzoate, which has demonstrated good potential effectiveness in this area of high unmet need.”
Actimed has completed a PK/PD trial with S-pindolol benzoate, which fulfilled all pre-defined objectives and is a crucial clinical milestone supporting its ongoing clinical development. Actimed is now planning Phase 2b/3 cancer cachexia studies in major critical markets.
Atish Majumdar, Mankind Pharma’s President (Sales & Marketing):
“Mankind Pharma is happy to have led this last round of seed funding to support the future growth of Actimed Therapeutics’ pipeline. At Mankind, innovation will be an important component of our future growth strategy, and our first international investment is a step in that direction. We were intrigued by Actimed’s innovative pipeline and recognized S-pindolol benzoate’s great potential as a new therapeutic alternative for cancer cachexia. We are excited to collaborate with Actimed’s skilled board and leadership team to provide innovative new medicines to patients suffering from cachexia.”
Actimed Therapeutics is a clinical-stage specialty pharmaceutical business dedicated to bringing innovation to the treatment of muscle-wasting illnesses to change the care of a vulnerable and neglected patient group. Actimed was formed in 2017 by Stefan Anker and Andrew Coats, two prominent physicians in muscle wasting research, along with Yann Colardelle, a communications and medical education expert who has been active in cachexia research and teaching for many years.
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