Mankind Pharma Ltd on Monday announced that it has invested in a clinical-stage specialty pharmaceutical company, Actimed Therapeutics Ltd, UK.
Actimed Therapeutics is focused on bringing innovation to the treatment of cancer cachexia, an unmet medical need for cancer patients, and other muscle wasting disorders, the company stated on Monday.
“Mankind’s investment helped Actimed close its second and final tranche of seed financing. Actimed is developing its lead asset S-pindolol for the treatment of cancer cachexia and has successfully completed a pharmacokinetic/pharmacodynamic (PK/PD) study for the drug which met all pre-defined objectives. This is a key clinical milestone supporting its further clinical development based on which Actimed is now planning Phase 2b/3 studies in cancer cachexia which will be conducted in strategic markets. The investment will support Actimed’s planned clinical development activities including the preparation for the Phase 2b/3 programme for S-pindolol benzoate,” the company stated on Monday.
Following the investment, Atish Majumdar, President (Sales & Marketing) of Mankind Pharma joins Actimed Therapeutics as a member of its Board of Directors.
“We are thrilled to announce the successful closing of this financing round, which brings our total seed funding to £10 million. 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,” Robin Bhattacherjee, Chief Executive Officer of Actimed Therapeutics said on Monday.