Angiochem Inc, a Montréal-based clinical-stage biotechnology company, has secured $7.5 million in a Series C financing.
The round’s investors were not disclosed. Angiochem has previously raised financing from BDC Capital‘s Healthcare Venture Fund, the life sciences group of Vimac Ventures, and other sources.
Angiochem said the funds raised will be used to support development of ANG1005. The compound is intended to treat leptomeningeal carcinomatosis from breast cancer, for which there are no therapeutic options at present. The Phase 3 clinical trial is expected to start this year.
Founded in 2003, Angiochem is developing a product pipeline for the treatment of a range of central nervous system diseases, including primary brain cancer, brain metastases, lysosomal storage diseases and pain.
Angiochem receives $7.5 million in Series C financing
Proceeds to support ongoing development of ANG1005 for treatment of leptomeningeal carcinomatosis from breast cancer
MONTREAL, Aug. 01, 2018 (GLOBE NEWSWIRE) — Angiochem Inc. (“Angiochem”) announced today that it has secured a $7.5 million Series C financing to pursue its development plan.
Angiochem is currently developing ANG1005 leptomeningeal carcinomatosis from breast cancer, for which there are no approved therapeutic treatment options currently available. Angiochem’s Phase 3 clinical trial for ANG1005 is expected to start later this year. “This is a significant development for Angiochem. With this latest financing, the company is on track to further develop ANG1005. This compound has already delivered promising results and now, we are gearing up for a pivotal Phase 3 trial that will hopefully lead to a long awaited therapeutic solution for patients with breast cancer who suffer from brain metastases and leptomeningeal carcinomatosis,” said John Huss, Executive Chairman of Angiochem. “This is an important, unmet medical need.”
Angiochem is a clinical-stage biotechnology company discovering and developing new breakthrough peptide drug conjugates that leverage the LRP-1 mediated pathway to cross the brain blood barrier (BBB) to treat neurological diseases. These new compounds have the potential to address significant medical needs, many of which are insurmountable due to the fundamental physiological challenge posed by the BBB.
Angiochem is developing a focused product pipeline, including small molecules and biologics, for the potential treatment of a wide range of CNS diseases, including primary brain cancer, brain metastases, lysosomal storage diseases and pain. Founded in 2003, Angiochem maintains headquarters in Montreal, Canada. For additional information about the Company, please visit http://www.angiochem.com.