Ability Pharma continues to make progress against pancreatic cancer. The Catalan biopharmaceutical company, focused on the development of innovative oral anticancer compounds, is undertaking a collective investment campaign of up to €2 million on the Capital Cell platform, the last stage of the financing round with which this year it will complete a total of €7 million. The amount received will allow him to fully finance his phase 2b clinical study of his treatment against pancreatic cancer based on the development of the new antitumor compound ABTL0812.
Currently, Ability Pharma is at a key moment in its growth and development, having the challenge of completing an international Phase 2b clinical trial with its product ABTL0812 in patients with metastatic pancreatic cancer, a disease with a very low survival rate. The goal is to demonstrate greater efficacy than the current standard treatment Folfirinox.
This is a double-blind, placebo-controlled first-line study in combination with Folfirinox chemotherapy, ongoing in 23 hospitals in Spain, the United States, France, and Israel. 80% of the study patients have already been recruited. At the end of 2023, an independent expert committee will carry out an interim analysis of the study and during the second half of 2024, the final results will be obtained.
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Ability Pharma has an ongoing study in hospitals in Spain, the United States, France, and Israel
Positive clinical trial results may allow Ability Pharma to license ABTL0812 to an international pharmaceutical company that completes the development of the product, with the goal of making it available to pancreatic cancer patients by 2026.
The current round, mostly internal, already has an investment commitment of up to €3 million, which includes the participation of the founding partners, Inveready Biotech, FiTalent, the Innvierte program of the Center for Technological Development and Innovation (Cdti), and the EIC Fund of the European Innovation Council (European Commission).
These funds are added to the €2 million of public aid granted to the company in 2023 by the Ministry of Science and Innovation through the Public-Private Partnerships and Strategic Lines programs with the contribution of Next Generation funds from the European Union.
The €7 million will also make it possible to accelerate the regulatory path of ABTL0812 with additional toxicological studies and also to study its antitumor immunomodulatory effects, and initiate a program to identify new molecules with autophagy immunomodulatory properties.
The company will obtain the final results of the study during the second half of 2024
“Obtaining public aid of two million and the continued commitment of our shareholders, is recognition of our efforts to develop ABTL0812 internationally” declared Carles Domènech, executive president and general director of Ability Pharma.
“With the start of the campaign for up to two million euros of collective investment, we want to give small investors the opportunity to form part of our business project, with the expectation of a license to a pharmaceutical multinational in the next two years,” added the CEO of Ability Pharma.
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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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