CAMBRIDGE, England, March 31, 2011 /PRNewswire/ -- Acacia Pharma, a pharmaceutical company specialising in the development of drugs for cancer supportive care, announces it has successfully closed a funding round, raising a total of $10 million. New investor Lundbeckfond Ventures joins Gilde Healthcare in this Series A financing.
Acacia Pharma will use the proceeds to complete Phase II development of its two lead product opportunities, APD421 for the prevention of nausea & vomiting in post-surgical patients and APD515 for the treatment of xerostomia (dry mouth) in advanced cancer patients. As a consequence of the investment, Associate Professor Johan Kordel of Lundbeckfond Ventures will join the Board of Acacia Pharma.
Julian Gilbert, Acacia Pharma's CEO said, "I am delighted to welcome Lundbeckfond Ventures to the company and thank Gilde Healthcare for their continued support. These new funds allow the company to drive its lead programmes forward to achieve significant clinical milestones as efficiently as possible."
Johan Kordel of Lundbeckfond Ventures added, "Acacia Pharma has an experienced team and an innovative and resource efficient approach to developing several products meeting unmet medical needs in the underserved cancer supportive care area. Acacia Pharma fits well with our investment strategy."
Pieter van der Meer of Gilde Healthcare commented, "We are pleased to offer continued support to Acacia Pharma. The company has developed a broad pipeline of product opportunities, all of which being tested in the clinic. We anticipate a bright future for the company and its shareholders."
About Acacia Pharma
Acacia Pharma (http://www.acaciapharma.com) is a pharmaceutical company focused on cancer supportive care, a rapidly developing commercial opportunity. 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 Pharma 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. In addition, Acacia Pharma's products are expected to reach the market quickly given that they are based on the novel use of well-characterised pharmaceuticals.
Acacia Pharma is led by an experienced management team who have already successfully built and exited a number of life sciences companies. Management, Gilde Healthcare and Lundbeckfond Ventures are the Company's key shareholders. Acacia Pharma is based in Cambridge, UK.
About Lundbeckfond Ventures
Lundbeckfond Ventures (http://www.lundbeckfondventures.dk) is an open and evergreen life science venture fund investing in companies primarily in Europe, but selectively also in the US. It is financially driven and invests in late stage drug discovery and development, as well as in medtech and diagnostics. Lundbeckfond Ventures is part of the asset management subsidiary of the Lundbeck Foundation which in addition to substantial financial assets has majority or significant ownerships in H. Lundbeck A/S, ALK-Abello A/S and Falk A/S.
About Gilde Healthcare Partners
Gilde Healthcare Partners (http://www.gildehealthcare.nl) a transatlantic venture and growth capital firm, is headquartered in Utrecht, the Netherlands in Utrecht. It has over EUR400 million under management and is actively looking to lead new investments in therapeutics, diagnostics, medical devices and enabling technologies. Gilde can invest up to EUR15 million in a company. Gilde is a successful builder of healthcare businesses across Europe. By investing in companies with clear achievable business models, Gilde has used its financial resources and network to create significant value for both its investors and the entrepreneurs it backs. For a list of Gilde's portfolio companies please visit the website.
Citigate Dewe Rogerson
Gilde Healthcare Partners
Pieter van der Meer