Beactica AB, a Stockholm, Sweden-based drug discovery company, completed a new financing round of undisclosed amount.
The share issue was fully subscribed, with 90% of the investment coming from existing shareholders that include:
– Almi Invest,
– Unionen, and
– M2 Capital Management.
The funds will be used to progress Beactica’s glioblastoma studies, including to confirm the indication of in vivoefficacy that was recently achieved in a clinically relevant model of glioblastoma and also allow the company to run advanced pre-clinical models in at least one follow-on cancer indication.
Led by Per Källblad, CEO, Beactica is advancing the LSD1 program, which focuses on the development of first-in-class small molecule allosteric modulators of LSD1 to treat glioblastoma and other cancers. Its compounds have a fundamentally different mechanism of action from catalytic LSD1 inhibitors under development, and have been shown to exhibit in vivoefficacy in advanced oncology models.