|By PR Newswire||
|October 17, 2012 03:01 AM EDT||
TRONDHEIM, Norway, October 17, 2012 /PRNewswire/ --
- Financing will be used to further develop APIM Therapeutics lead anti-cancer compound towards late preclinical development.
APIM Therapeutics, a preclinical biotech company focusing on the development of novel peptide therapeutics targeting PCNA (Proliferating Cell Nuclear Antigen), a validated cancer target implicated in the regulation of cellular responses to various stress signals, announces the closure of a financing round enabling the company to further advance its lead compound, ATX-101, towards IND-enabling regulatory studies. To date, ATX-101 has shown promising activity in several preclinical solid tumor and blood cancer models and is capable of potentiating the action of >15 clinical drugs.
The investment is led by Norsk Innovasjonskapital III AS, a leading Norwegian VC firm in syndication with existing APIM investors, Sarsia Seed (Bergen, Norway), Birk Venture and Ro Invest (Oslo, Norway).
APIM Therapeutics was established in 2009 as a result of several years of scientific work at Prof. M. Otterlei's laboratory at the Norwegian University of Science and Technology (NTNU). This research has identified a novel therapeutic intervention point relevant for the treatment of a large variety of cancer cells including, among others, bladder cancer and multiple myeloma.
Konstantinos Alevizopoulos, CEO of APIM Therapeutics: "We are delighted to have secured this additional funding in APIM Therapeutics which will allow for further preclinical development of our novel therapeutic concept".
Jørgen André Nilsen, a Partner in Norsk Innovasjonskapital III: "We are pleased to support the advancement of APIM's novel anti-cancer treatment. We believe that the company offers a unique therapeutic approach that may provide novel therapeutic options to cancer patients.