Mankind Pharma Ltd 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.
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.
Following the investment, Atish Majumdar, President (Sales & Marketing) of Mankind Pharma joins Actimed Therapeutics as a member of its Board of Directors.
Atish Majumdar, President (Sales & Marketing) at Mankind Pharma, said, “Mankind Pharma is proud to have led this final tranche of seed financing that will support the further advancement of Actimed Therapeutic’s pipeline. At Mankind, we believe that innovation will be a key part of our future growth strategy and this first such overseas investment represents a further step along that pathway. We have been inspired by Actimed’s novel pipeline and recognise the significant potential of S-pindolol benzoate as a new therapeutic option for cancer cachexia. We very much look forward to working with the experienced board and leadership team of Actimed to bring innovative new therapies to patients with cachexia.”
Robin Bhattacherjee, Chief Executive Officer of Actimed Therapeutics, said, “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.”