Ariceum Therapeutics announces extension of Series A financing for radiopharmaceutical clinical pipeline
pharmafile | April 18, 2023 | News story | Sales and Marketing |
Private biotech company Ariceum Therapeutics has announced the successful completion of Series A extension financing, raising an additional €22.75m following the €25m Series A financing announced in June 2022.
This financing was co-led by new investors Andera Partners and Earlybird Venture Capital, alongside existing investor Pureos Bioventures doubling its investment in the company. Olivier Litzka, partner at Andera Partners, and Christoph Massner, principal at Earlybird, are expected to join Ariceum’s board of directors.
Ariceum intends to use this financing to advance its clinical pipeline, build the company with a focus on lead asset Satoreotide and build a pipeline of further products. Satoreotide is a radiopharmaceutical drug and antagonist of the somatostatin type 2 (SST2) receptor, which is overexpressed in many cancers. The drug is currently in early clinical development.
Manfred Rüdiger PhD, CEO of Ariceum Therapeutics, commented: “As we continue to make promising progress at Ariceum, the new funds will allow us to advance our clinical pipeline of diagnosis, monitoring and precision treatments to improve the lives of those facing very challenging cancers. The additional investment is a strong endorsement of our targeted radiotherapy product and reflects the opportunity that radiopharmaceutical drugs offer in visualising and treating cancer. We are very pleased to welcome both Andera Partners and Earlybird Venture Capital to our investment syndicate and would like to thank our existing investors for their continued support.”
Olivier Litzka PhD, partner of Andera Partners, stated: “At Andera we have been following the radiopharmaceuticals space for some time, looking for an opportunity to support a compelling project. As a result, we are now very happy to be able to back the talented and experienced team of Ariceum with a first clinical project centred around a meaningful disease application in small cell lung cancer. It is great to support the company in its bold ambition to build a pipeline of radiopharma projects through deals and partnerships.”
Christoph Massner, PhD, Principal of Earlybird Venture Capital, added: “We are delighted to support Ariceum as it advances its proprietary clinical programs to address aggressive cancers with a poor prognosis. Earlybird is especially excited about Ariceum’s ability to stratify patients for treatment via its theranostics approach. This will provide the best possible patient outcomes and attractive health economics. I look forward to working with Ariceum’s experienced management team and strong investor base as it enters its next development stage.”
Betsy Goodfellow
