Acacia raises $10m to advance cancer treatment
Acacia Pharma, a Cambridge pharmaceutical company specialising in the development of drugs for cancer supportive care, has raised $10 million to advance lead product opportunities.
New investor Lundbeckfond Ventures joins Gilde Healthcare in the Series A financing.
Acacia will use the proceeds to complete Phase II development of APD421 for the prevention of nausea & vomiting in post-surgical patients and APD515 for the treatment of xerostomia (dry mouth) in advanced cancer patients.
Johan Kördel of Lundbeckfond Ventures will join the Acacia board.
Julian Gilbert, Acacia Pharma’s CEO said: “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 said Acacia had developed a broad pipeline of product opportunities, all of which were being tested in the clinic. “We anticipate a bright future for the company and its shareholders,” he said.
Acacia Pharma focuses on cancer supportive care. The growth in the cancer supportive care market has been driven by the increasing incidence of cancer, the expansion of effective cancer therapies and the desire to improve both the effectiveness of treatment and the quality of life of cancer patients.
Acacia has generated a pipeline of product opportunities addressing a range of supportive care indications such as nausea & vomiting, xerostomia and cachexia using a commercially driven approach to product discovery based on known drugs. This strategy leads to product opportunities with a higher probability of success and enables rapid clinical proof-of concept.
Acacia’s products are expected to reach the market quickly given that they are based on the novel use of well-characterised pharmaceuticals.
• Photograph shows: Acacia Pharma CEO, Julian Gilbert