APIM Therapeutics Closes a Financing Round

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Oct 17, 2012, 08:00 ET

TRONDHEIM, Norway, October 17, 2012 /PRNewswire/ --

- Financing will be used to further develop APIM Therapeutics lead anti-cancer compound towards late preclinical development.

APIM Therapeutics, a preclinical biotech company focusing on the development of novel peptide therapeutics targeting PCNA (Proliferating Cell Nuclear Antigen), a validated cancer target implicated in the regulation of cellular responses to various stress signals, announces the closure of a financing round enabling the company to further advance its lead compound, ATX-101, towards IND-enabling regulatory studies. To date, ATX-101 has shown promising activity in several preclinical solid tumor and blood cancer models and is capable of potentiating the action of >15 clinical drugs.

(Logo: http://photos.prnewswire.com/prnh/20121017/567974 )

The investment is led by Norsk Innovasjonskapital III AS, a leading Norwegian VC firm in syndication with existing APIM investors, Sarsia Seed (Bergen, Norway), Birk Venture and Ro Invest (Oslo, Norway).

APIM Therapeutics was established in 2009 as a result of several years of scientific work at Prof. M. Otterlei's laboratory at the Norwegian University of Science and Technology (NTNU). This research has identified a novel therapeutic intervention point relevant for the treatment of a large variety of cancer cells including, among others, bladder cancer and multiple myeloma.

Konstantinos Alevizopoulos, CEO of APIM Therapeutics: "We are delighted to have secured this additional funding in APIM Therapeutics which will allow for further preclinical development of our novel therapeutic concept".

Jørgen André Nilsen, a Partner in Norsk Innovasjonskapital III: "We are pleased to support the advancement of APIM's novel anti-cancer treatment. We believe that the company offers a unique therapeutic approach that may provide novel therapeutic options to cancer patients.

http://www.apimtherapeutics.com

Additional Web Sites
Norsk Innovasjonskapital III (http://www.televenture.no)
Sarsia Seed (http://www.sarsiaseed.com)
Birk Ventures (http://www.birkventure.no)
NTNU (http://www.ntnu.no)

E-mail: [email protected]

SOURCE APIM Therapeutics