Sunstone Capital and LU Bioscience invest 7 MSEK in Cantargia
Cantargia, a private biopharmaceutical company developing therapeutics for the
treatment of leukemia, announced earlier today that it has raised 7 MSEK. It is a joint investment by Sunstone Capital investing EUR 500,000 from its Early Engagement Program (EEP) and LUBio investing 3 MSEK.
The company intends to use the capital infusion to further characterize its lead monoclonal antibody and prepare for GMP production and pre-clinical safety studies.
Anki Malmborg Hager, acting CEO since February 2013, commented: ”Through the capital injection we will have the opportunity to mobilize our efforts and prepare for the upcoming demanding regulatory steps we are facing in the near future. Our promising lead monoclonal antibody has shown remarkable results in in vivo disease models and we are excited to take it further in development. The strong support from Sunstone is highly welcome and I look forward to an exciting collaboration.”
Claus Andersson, Partner in Sunstone Capital, states ”We have followed Cantargia for the past couple of years and are intrigued to be able to be involved in its further development. The company well matches the risk/reward ratio required for our Early Engagement Program investments.”
Lars H Bruzelius, Chairman of Lund University Bioscience (LUBio), welcomes Sunstone as new investor in Cantargia. ”LUBio identified the project, immediately saw its potential, and has so far been main investor. Sunstone is a perfect co-investor, which will help us continue the development work necessary to realize the full potential of the project.”
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.
After the investment, Sunstone Capital and LUBio own 8% and 57%, respectively, while the remaining shares are owned by the Founders, Innovagen and Microlund.
About LUBio
Founded in May 2007 by Lund University AB, LU Bio is now playing an important role in Lund University’s innovation system. Through selective investments and appropriate development plans, combined with excellent management teams, we aim to achieve a significant value add in our holdings.
About Sunstone Capital
Sunstone Capital is an independent venture capital investor founded in 2007 by an international team with combined entrepreneurial, operational, and financial experience. Sunstone Capital focuses on developing and expanding early-stage Life Science and Technology companies with strong potential to achieve global success in their markets. Managing total funds of EUR 700 million, Sunstone Capital is one of the largest and most active European venture capital investors. Sunstone Life Science Ventures has earmarked 5 % of the fund most recently raised for validation of projects that are not quite ready for major venture investments. Sunstone expects to make a maximum of 10 small investments via its new ”Early Engagement Program” initiative.
For further information, please contact:
Anki Malmborg Hager, Acting CEO, Cantargia AB
E-mail: anki@cantargia.com
Lars H. Bruzelius, Chairman, LU Bio
Mobile: +46 708 140190
E-mail: lhb@bsi.se
Claus Andersson, Partner, Sunstone Capital
Mobile: +45 22 70 50 65
E-mail: andersson@sunstone.eu
