Beactica Secures New Equity Financing to Advance Glioblastoma Research and Oncology Pipeline

VCBeat (WeChat ID: vcbeat) has learned that on June 4, 2019, drug development company Beactica announced the completion of a new round of equity financing. All shares issued in this round were fully subscribed, with the specific amount raised undisclosed. Ninety percent of the investors in this round were existing shareholders of the company, including ALMI Invest, UNIONEN, and M2 Capital Management.

This funding will enable Beactica to advance its leading oncology pipeline into the next phase and conduct glioblastoma research, including confirming the in vivo efficacy signals recently obtained in clinically relevant glioblastoma models. Additionally, the funding will allow the company to run advanced preclinical models in at least one subsequent cancer indication.

Beactica, founded in Sweden in 2006, is a drug development company dedicated to developing novel small-molecule modulators by leveraging its proprietary methods for assessing molecular interactions. The company possesses extensive expertise in the field of biosensor-based small-molecule interaction analysis.

According to Crunchbase, Beactica has completed seven rounds of financing since its inception. Notably, the company secured €440,000 in venture funding from the European Commission in August 2010 and an additional €700,000 in February 2011.

It is understood that glioblastoma is an aggressive and fatal brain cancer. For the past 15 years, medical researchers have made no major breakthroughs in this field; current treatment regimens show no significant therapeutic efficacy against the disease, and there is an urgent need for novel treatment options for patients with glioblastoma.

Beactica is developing first-in-class small-molecule allosteric modulators targeting lysine-specific demethylase 1 (LSD1) for the treatment of glioblastoma and other cancers. Studies have shown that modulating LSD1 can treat several common cancers and also influence the immune system’s ability to combat cancer cells. LSD1 inhibitors, which have a completely different mechanism of action from other catalytic inhibitors, have demonstrated activity in advanced tumor models.

Per Kallblad, CEO of Beactica, stated, “We are delighted to have the continued support of our investors, which helps drive progress in our novel oncology therapies. In particular, our glioblastoma research program has achieved a major breakthrough in recent studies. Moving forward, we will advance at least one compound into preclinical development.”

ALMI Invest, established in 2009, is a venture capital firm headquartered in Stockholm, Sweden. The firm focuses on investing in high-potential companies in Sweden and manages SEK 1 billion in capital.

UNIONEN, established in 2008, is Sweden’s largest trade union for the private-sector labor market and the world’s largest white-collar union.

M2 Capital Management is an investment institution.

(Compiled by Jiao Yanli)