31 March 2011
Acacia Pharma Closes $10 Million Investment Round
Funds to be used to complete two Phase II programmes
Cambridge, UK – 31st March 2011: 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 Kördel 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 Kördel 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.”