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ABILITY PHARMACEUTICALS RAISES €3.5M TO LICENSE ONCOLOGY DRUG


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BY : Diego GutiérrezSeptember Wed, 2019

Ability Pharmaceuticals has just raised €3.5m to complete its current phase 2 oncology trial, and license its drug ABTL0812 to an international pharmaceutical company for development and future commercialisation.

Clinical trials are the opportunity for many patients to gain access to new treatments, and their importance is indisputable.

It is thanks to the people who test the treatment first that it can be determined whether it is safe and effective to be given to the rest of the population. Without their participation, many diseases that are currently curable would remain lethal.

The Spanish Catalan startup Ability Pharmaceuticalshas closed a financing round from 3,5M€ thanks to the support of Inveready Biotech III and Fitalentand other investors who have participated via crowdfunding.

This amount raised will enable the company to complete the ongoing Phase 2 clinical trial in endometrial cancer and lung cancer in Spain and France.

It will also be able to enter into a licensing agreement with a pharmaceutical company to further develop and commercialise its drug ABTL0812. A product focused on improving the future of oncology by developing innovative therapies that address unmet medical needs for patients with endometrial or squamous lung cancer.

GETTING TO KNOW ABILITY PHARMACEUTICALS

Ability Pharmaceuticals, headquartered in Cerdanyola del Vallès, is a biopharmaceutical company in clinical stage that focuses on developing innovative molecules first-in-class.

Current shareholders also include private equity funds. SodenaThe project is supported by its founders and private investors, with financial backing from ACCIO (Generalitat de Catalunya), and CDTI, ENISA and MINECO (Government of Spain).

ABOUT ABTL0812

ABTL0812 is a anti-tumour compound "first-in-class"The fully differentiated, orally administered drug causes the death of cancer cells by self-digestion, a unique and novel mechanism of action.

The drug is currently in Phase 2 clinical trials in Europe in patients with endometrial or squamous lung cancer, as first-line treatment in combination with chemotherapy and as chronic maintenance treatment after chemotherapy cycles.

The study is being conducted in leading cancer hospitals in Spain and France, and specifically in the interim analysis in endometrial cancer, a superiority to current treatment is observed, with increases in responses of up to 50%.

OTHER SIMILAR ROUNDS IN THE SECTOR

MINORYX THERAPEUTICS

Minoryx Therapeutics has closed a financing round B series of 21,3M€. The Belgian fund Fund+ has led the operation for this company specialising in the development of new drugs for rare or minority diseases.

This funding allows the company to demonstrate the potential of MIN-102 for new indications, including neuroinflammatory diseases such as brain X-ALD, as well as multiple neurodegenerative diseases.

SOM BIOTECH

Recently, this Spanish firm has closed a round of financing for a value of 7M€, a operation led by a company owned by a European family with a long tradition in the pharmaceutical sector, which has also been joined by several current partners.

The headquarters is located in the Science Park of Barcelona, and is specialising in new uses for drugs that had another approved indication for treating rare diseases of the nervous system.

Since its creation, SOM BiotechThe project has raised more than €12m from private capital and public grants and loans.

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