Barcelona, Spain-based biopharmaceutical company focused on the development of innovative oral autophagy-inducing anticancer compounds, AbilityPharma, raised EUR 7 million in funding. The round took place on March 11, 2024. European-Canadian syndicate of life sciences investors, including CTI Life Sciences Fund, Inveready, the EIC Fund, Fitalent and CDTI Innvierte, joined in the financing. Besides, the company’s founders, the family offices IVAMOSA and GESAMO, and a collective investment campaign on the Capital Cell platform supported the financing.
Purpose of financing for AbilityPharma
With the latest funding, the company seeks to fully finance its phase 2b clinical study of antitumor compound ABTL0812 in patients with pancreatic cancer.
These funds are a part of EUR 2 million non-diluting funds granted to the company in 2023 by Spain’s Ministry of Science and Innovation through the Public-Private Collaborations and Strategic Lines programs with contributions from Next Generation funds from the European Union.
What the company’s official has to add
Carles Domènech, PhD, Executive Chairman and CEO at AbilityPharma, and co-founder, said, “We are very pleased to complete this financing round and welcome CTI Life Sciences Fund’s Shermaine Tilley to our board of directors, which will enable us to accelerate the development of ABTL0812 in the short term. We are thankful to CTI Life Sciences, Inveready and the EIC Fund for completing this financing round and to all our new and existing investors for their confidence in our team and for their support of our goals. This investment will allow us to continue working tirelessly on taking ABTL0812 to patients with pancreatic cancer”.
What the investors have to comment
Shermaine Tilley, PhD, MBA, Managing Partner at CTI Life Sciences Fund, further said, “We are delighted to provide financing for late-stage development of Ability Pharma’s innovative and highly promising treatment for pancreatic cancer. I am pleased to assume a position on their board of directors and will work with management and the board to optimize the value of ABTL0812 for patients and for investors”.
In addition, Sara Secall, MSc, MBA, General Partner Inveready, said, “We are excited to bring in savvy investors that can help move forward AbilityPharma’s treatment for cancer patients”.
Besides, Svetoslava Georgieva, Chair of the EIC Fund Board, said, “The EIC Fund has become a strong player in EU deep-tech investments. The unique financing approach through the EIC, combining grants and equity, is attracting significant interest from Europe’s most promising start-ups and provides them with the means to develop and scale their businesses in Europe. Our investment will help Ability Pharma with the development of their product for patients with metastatic pancreatic cancer.”
About the company
The goal of AbilityPharma a Catalan biopharmaceutical firm, is to improve cancer via the development of novel medicines that address unmet medical needs. Their only product, ABTL0812, is now undergoing Phase 2b clinical trials. To develop and market ABTL0812 in China, AbilityPharma and SciClone Pharmaceuticals (Hong Kong) Development Co. Limited inked a territorial licensing agreement in April 2016.
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