Acacia Pharma, a UK-based pharmaceutical company specialising in the development of drugs for cancer supportive care, has raised £15m ($23.5m) in series B financing led by venture capital firm Fidelity Biosciences and Novo A/S, the asset management holding company within Novo Group, a Denmark-based group of healthcare companies . Existing investors, growth capital investor Gilde Healthcare and life sciences venture fund Lundbeckfond Ventures, also participated in the round.
Dr Alex Pasteur of Fidelity Biosciences and Dr Martin Edwards of Novo A/S have joined the Board of Acacia Pharma as non-executive directors.
Acacia Pharma will use the proceeds to advance the clinical development of its lead products: APD421 for the prevention of post-operative nausea & vomiting; APD403 for the prevention of chemotherapy induced nausea & vomiting (CINV); and APD515 for the treatment of xerostomia (dry mouth) in advanced cancer patients.
Dr Julian Gilbert, Acacia Pharma’s chief executive officer, said: “I am delighted to welcome Fidelity and Novo to the Company and would like to thank Gilde and Lundbeckfond for their continued support.”
Dr Alex Pasteur of Fidelity Biosciences said: “APD421, Acacia Pharma’s lead product, showed excellent efficacy in its Phase II trial and had a very good safety profile. We believe that a drug with this novel mechanism and displaying these characteristics can provide a major contribution to the care of post-surgical patients.”
Dr Martin Edwards of Novo A/S said: “In addition to APD421, Acacia Pharma has generated excellent Phase II a proof-of-concept data on APD403 in CINV. We have high hopes for APD403 and for the future success of the company.”