New Delhi, 23rd January 2023: Mankind Pharma, a leading pharmaceutical company, has invested in Actimed Therapeutics, a UK-based specialty pharma company focused on developing innovative treatments for cancer cachexia and other muscle wasting disorders.
The investment helped Actimed close its second and final tranche of seed financing. Actimed’s lead asset, S-pindolol, has successfully completed a pharmacokinetic/pharmacodynamic study and the company is now planning Phase 2b/3 studies in cancer cachexia in strategic markets. The investment will support Actimed’s planned clinical development activities, including the preparation for the Phase 2b/3 program for S-pindolol benzoate.
Following the investment, the President of Sales and Marketing at Mankind Pharma, Atish Majumdar, will join Actimed’s Board of Directors.
Atish Majumdar, President (Sales & Marketing) at Mankind Pharma commented “Mankind Pharma is proud to have led this final tranche of seed financing that will support the further advancement of Actimed Therapeutic’s pipeline. At Mankind, we believe that innovation will be a key part of our future growth strategy and this first such overseas investment represents a further step along that pathway. We have been inspired by Actimed’s novel pipeline and recognise the significant potential of S-pindolol benzoate as a new therapeutic option for cancer cachexia. We very much look forward to working with the experienced board and leadership team of Actimed to bring innovative new therapies to patients with cachexia.”
Robin Bhattacherjee, Chief Executive Officer of Actimed Therapeutics commented “We are thrilled to announce the successful closing of this financing round, which brings our total seed funding to £10 million. The financing includes support from both longstanding and new investors, notably Mankind Pharma, demonstrating confidence in our strategic goal to develop innovative globally approved treatments for cancer cachexia and other muscle wasting conditions. We are particularly pleased by the support from Mankind and warmly welcome Atish Majumdar to our Board of Directors. With these funds, we will complete feasibility activities for the clinical development programme for S-pindolol benzoate.”