Axcentua closes double-digit million (SEK) Series-A Financing Round
Axcentua Pharmaceuticals AB closed its series-A financing round led by the entrepreneur William Gunnarsson, the former CEO and co-founder of Orphan Europe that now is part of the Recordati Group (Ticker REC). The financing will enable Axcentua to advance its multi-targeted lead small molecule AXP107-11 into clinical trials. The compound is intended for use as a combination therapy of different difficult-to-treat tumors such as pancreatic, liver, lung and prostate cancer. By applying the company’s unique crystal re-engineering strategy, AXP107-11 has been developed in less than 2 years to a stage where the final pre-clinical steps are in progress with the objective to enter clinical studies early 2010. The financing will also allow Axcentua to apply its unique crystal re-engineering strategy of natural compounds to further develop its pipeline of proprietary clinical candidates with demonstrated proof-of-concept in animal and human models of cancer. “We are extremely pleased to have Mr Gunnarsson as lead investor and by that also bring his competence and experience as a successful entrepreneur to Axcentua” - says CEO Dr. Berkenstam.