Date: 2012-09-21
Type of information: Financing round
Company: AB-Therapeutics, now Ability Pharmaceuticals (Spain)
Investors: Inveready Seed Capital(Spain) Genoma España (Spain) shareholders, business angels and private investors
Amount: € 1 million
Funding type: financing round
Planned used: AB-Therapeutics will use the new funds in the clinical development of its novel anticancer drug in lung and pancreatic cancer. The company has two drug candidates in development: ABTL0812, which is completing preclinical development, with planned phase Ib/IIa clinical trials in lung cancer and pancreatic cancer starting in early 2013; and ABTL1014, expected to start preclinical development in autumn 2012.
Others: * On September 21, 2012, AB-Therapeutics –which has changed its name to Ability Pharmaceuticals- focused in the research and development of novel anticancer drugs, has closed a second financing round for 1 million €. The venture capital firm Inveready Seed Capital has contributed 300.000 €, amount equaled by a soft loan granted by Genoma España, a Spanish Government foundation. The rest of the capital comes from previous shareholders, and new business angels and private investors. This financing round, opened during the spring, adds funds to the investments made in 2010 by the founders and government funds from CDTI (Government of Spain) and ACC1O (Government of Catalonia). The company leaves the door open for additional private investor willing to participate in the capital of the company.
Therapeutic area: Cancer - Oncology
