Image credits: Pleco Therapeutics
Nijmegen, the Netherlands-based Pleco Therapeutics, a clinical-stage biopharmaceutical company developing a portfolio of cancer therapies, announced on Tuesday that it has closed a Series A round of funding at €17.3M.
The investments include:
- €3.6M in equity from Oost NL and a select number of private investors
- €8.7M in equity and R&D project financing from Hyloris Pharmaceuticals SA
- €5M in government funding from the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO)
The Dutch company says it will use the funds to complete the development of PTX-061’s regulatory dossier in AML (Acute Myeloid Leukaemia) and to be ready for submission to the FDA and EMA as early as 2024.
According to Pleco Therapeutics, the effectiveness of chemotherapy for diseases like AML is limited since leukaemia cells can become resistant to it over time. As a result, most patients will relapse, even after successful initial treatment.
The company says it will also use the capital to accelerate preclinical work in other indications, such as Small-Cell Lung Cancer (SCLC).
Ivo Timmermans, Chief Executive Officer of Pleco Therapeutics, says, “We are delighted to have secured the funds needed to progress our lead drug candidate through development for the treatment of AML, a blood cancer that carries a very poor prognosis. We welcome our new shareholders and are grateful for the support from Oost NL and RVO.”
Pleco Therapeutics: What you need to know
Led by Ivo Timmermans (CEO), Pleco Therapeutics aims to extend the life span and enhance patients’ quality of life through its novel Plecoid therapies designed to increase the effectiveness of current cancer treatments.
The company’s Plecoid therapies have the potential to positively change the balance of protein expression within the cancer microenvironment by removing the burden of toxic metals within the cell. This will help improve the effectiveness of existing chemotherapy.
Pleco recently announced its expansion to the US with Pleco Therapeutics USA, Inc, based in Newark, New Jersey. The Dutch firm appointed Michael Stalhamer as its President and first US-based employee. Stalhamer also serves as Vice President (VP) of Product Development and Regulatory Affairs on the global leadership team.
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