Ability Pharma continues to seek capital to advance the cure for cancer. The Spanish biopharmaceutical company has opened a round of financing of €6 million to advance to phase III of its pancreatic cancer trial, according to Carles Domènech, CEO of Ability Pharma.
Of the €6 million, the company based in Cerdanyola del Vallès (Barcelona) has already guaranteed three million euros, an amount that comes from the current partners, the Center for Technological Development and Innovation (Cdti), and other investors. In addition, the European Innovation Council (EIC) will also participate in this round, which will contribute up to a maximum of €1.9 million.
The company is currently in phase IIB of its trial for pancreatic cancer and has a large, closed group of people participating in Spain, France, the United States, and Israel.
The next step for Ability Pharma is to have internal results in September 2023 and transform the trial from phase IIB to the pivotal phase, that is, to have a clinical study that forms the basis of the application to the health authorities for the approval of a drug. , in this case, both the European Medicines Agency (EMA) and the United States Food and Drug Administration (FDA).
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Ability Pharma wants to take its pancreatic cancer trial to the pivotal phase
Having pancreatic cancer results available could place Ability Pharma in a product license agreement situation with a pharmaceutical multinational, an operation whose value would range between forty million euros and fifty million euros, according to Domènech.
On the other hand, the company maintains in the standby phase the results of its indications for endometrial cancer and squamous cell lung cancer, for which it has trials with between thirty and forty people in each case.
The company carried out a public sale operation (OPV) process at the end of 2021 to go public, even recently changing from a limited company to a public limited company, with the aim of going public. About a possible exit to Euronext, Domènech explains that the exit to the parquet will be valued in the coming months, and in the case of being carried out, the company will open a new round of around 25 million euros.
Ability Pharma will seek €25 million if it goes public
To date, the biopharmaceutical company has received around €23 million of public and private financing, of which 43% comes from equity, 23% from government aid, 12% from subsidies, 11% from its license agreement with the Chinese company SciClone and the rest of other aid.
The latest aid that the company has received corresponds to October 2022, when Ability Pharma received €2 million of non-dilutive financing from the Ministry of Science and Innovation.
Ability Pharma has closed 2022 with a turnover of €2.3 million, which translates into an increase of 53% compared to the income of 2021. For its part, the company’s assets stand at €15 million.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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