Pleco Therapeutics, a Nijmegen, The Netherlands-based biopharmaceutical company developing treatments designed to detoxify the cancer micro-environment, raised €17.3M in Series A funding.
The round included:
- €3.6 million in new equity committed by Oost NL and a select number of private investors,
- €5m in government funding from the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO), and
- €8.7 million in equity and R&D project financing from Hyloris Pharmaceuticals SA (Euronext Brussels: HYL) previously announced in late 2021.
The company intends to use the funds to complete development and commercialise its novel lead Plecoid™ Product, PTX-061, to improve the effectiveness of chemotherapy in patients with Acute Myeloid Leukaemia (AML). The funding will enable it to complete the development of PTX-061’s regulatory dossier in AML and to be ready for submission to the FDA and EMA as early as 2024, and to accelerate preclinical work in other indications such as Small-Cell Lung Cancer (SCLC).
Led by CEO Ivo Timmermans, Pleco Therapeutics is a clinical stage specialty biopharmaceutical company which aims to extend the life span and enhance the quality of life of patients through its novel Plecoid™ therapies that have been designed to increase the effectiveness of current cancer treatments. Novel Plecoid™ therapies are patented, innovative treatments that include chelating agents with different characteristics, that have the potential to positively change the balance of protein expression within the cancer microenvironment, removing the burden of toxic metals within the cell, thereby improving the effectiveness of existing chemotherapy.
Pleco recently announced its expansion, with the incorporation of its subsidiary, Pleco Therapeutics USA, Inc., based in Newark, New Jersey, and the appointment of Michael Stalhamer as its President and first US-based employee. Mr Stalhamer also serves on the global leadership team as Vice President (VP) Product Development and Regulatory Affairs.
FinSMEs
06/09/2022