LUND, Sweden--(BUSINESS WIRE)--The completed share issue in Cantargia AB, directed to the shareholders in Lund University Bioscience AB, were fully subscribed. The share issue raises approximately 20 MSEK for Cantargia. Cantargia develops a unique pharmaceutical for leukemia, in which the cancer stem cells are killed and thereby eradicating the leukemia. The capital raised will enable Cantargia to start the final development steps for the drug, including toxicology, before initiating clinical trials.
Cantargia’s project has created international interest and the company is currently discussing collaborations with potential partners in order to secure the best possible conditions for the further development up to an approved pharmaceutical.
The company recently announced that Göran Forsberg, previously Active Biotech in Lund, has been recruited as the new CEO of Cantargia.
Lars H. Bruzelius, the chairman of the main owner of Cantargia, Lund University Bioscience AB: ”The company is, through the recruitment of Göran Forsberg as CEO, the reinforced board of directors since the beginning of 2014, and the completed share issue, well positioned to continue driving this unique pharmaceutical project forward.”
The Board of Directors
About Cantargia AB
Cantargia is based on the original discovery, by Prof Thoas Fioretos and Dr Marcus Järås, that leukemic stem cells in patients with chronic myeloid leukemia (CML) express a cell-surface receptor, whereas corresponding normal stem cells do not express this receptor. Stem cells from patients with acute myeloid leukemia (AML) and acute lymphocytic leukemia (ALL) has also been shown to have and upregulation of the receptor. Cantargia uses this receptor, the Interleukin-1 receptor accessory protein (IL1RAP), as the target for development of a novel antibody-based therapy for leukemia. Cantargia is committed to creating and developing antibody therapeutics to revolutionize the treatment of leukemia and attention has been achieved already, both scientifically and from the pharmaceutical community.
About LU Bio
Founded in May 2007 by Lund University AB, LU Bio is playing an important role in Lund University’s innovation system. Through selective investments and appropriate development plans, combined with experienced management teams, we aim to achieve a significant increase in the value of our investment holdings.
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