Lundbeckfond Ventures joins main backer, European venture and growth capital firm Gilde Healthcare, as an investor in the company, which is developing four products that aim to help people deal with the effects of cancer treatment.
Acacia Pharma will use the funding to complete the second of three phases of clinical development for two of its products. These are APD421, which prevents nausea and vomiting in post-surgical patients, and APD515, which treats xerostomia [dry mouth] in advanced cancer patients.
As part of the investment, Associate Professor Johan Kördel of Lundbeckfond Ventures will join the company’s board. A group of pharmaceutical industry executives, led by chief executive Julian Gilbert, founded the Cambridge business in 2007.
Gilbert tells GrowthBusiness that naming commercial release date is ‘difficult at the moment’ while research and development continues. He says, however, the products will be on the market faster than most because the business is ‘working with known drugs’.
He adds, ‘These new funds allow the company to drive its lead programmes forward to achieve significant clinical milestones as efficiently as possible.’
Pieter van der Meer of Gilde Healthcare, continues, ‘The company has developed a broad pipeline of product opportunities, all of which being tested in the clinic.’