AB-Therapeutics opens new capital increase to continue developing cancer drug
The Catalan firm hopes to attract €750,000 from venture capitals funds, business angels and private donations starting at €1,500.
By Biocat
Catalan biotech firm AB-Therapeutics will announce this month a capital increase with which they hope to raise €750,000 to continue developing a new class of patented oncology drugs, which incorporate an innovative mechanism of action, called lipid analogue therapeutics.
AB-Therapeutics currently has two candidates in the development stages: ABTL0812 First in Class, which is finishing preclinical development and is expected to move into phase Ib/IIa clinical trials for lung and pancreatic cancer in 2012; and ABTL1014, which will begin preclinical development in fall 2012.
During the preclinical phase, both molecules were shown to have advantages over conventional chemotherapy: very low toxicity, oral administration and high efficacy. After treating immunosuppressed mice for four weeks, the molecules slowed tumor growth by 70%. Moreover, tumor growth stopped completely in 10% of the mice treated. Additionally, studies of toxicity in dogs and rats have shown a high tolerability, with a wide therapeutic margin.
The company’s management team presented the project at the Barcelona Stock Exchange yesterday, explaining their plans for the future and the characteristics of this project to representatives from venture capital funds, business angels and private investors starting at €1,500.
With the Catalan delegation to BIO Boston 2012
AB-Therapeutics is one of the 67 companies and research organizations that are travelling with the Catalan delegation, coordinated by Biocat, to the BIO Boston 2012 convention, from 18 to 21 June.
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