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Financing to Initiate Clinical Trial in AML
Mar 27 2020 Read 318 Times
An additional €9M ($9.8M) financing from Xerys Funds is enabling Advanced BioDesign, dedicated to developing new therapies for overcoming tumour resistant cancers, to pursue its clinical development. It is the largest investment round since successive progressive fundraising operations initiated in 2013 totalled close to €7.5M ($8.1M), which has supported the company through its fundamental work on the mechanism of action for its lead compound ABD-3001 and consolidation of knowledge on its anti-cancer properties.
Advanced BioDesign will finalise its preclinical studies and submit a clinical trial authorisation to start clinical phase I in Acute Myeloid Leukemia (AML) in early 2021.
“We are delighted to have secured this new investment. It is a clear sign of support and confidence from our long-standing investor,” said Ismail Ceylan, CEO of Advanced BioDesign. “This new fundraising will allow us to reach our ambitions and initiate the First-in-Human administration of our lead-compound in acute myeloid leukemia.”
“ABD-3001 is a therapeutic innovation offering great potential for the treatment of the most challenging cancers,” said Olivier Ossipoff, Xerys chairman. “The preliminary results obtained from in vivo models of cancers with unmet medical needs are quite remarkable and promising for patients. This compound is particularly innovative and perfectly fits our investment criteria and our objectives in medical improvement.”
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