Almi Invest and trade union Unionen have both returned with funding for Beactica, a drug discovery company based on Uppsala University research.
Beactica, a Sweden-based drug development company based on research from Uppsala University, has closed an oversubscribed round of undisclosed size featuring VC firm Almi Invest and trade union Unionen.
While none of the round’s other participants were named, more than a third of them were revealed to be new investors.
Founded in 2006, Beactica is pursuing drug discovery programs that pinpoint interactions between different molecules to support potential therapeutic applications. It also offers asset generation services to third-party labs, having partnered with a range of pharmaceutical firms.
Beactica’s current lead asset targets several cancers by modulating output of a protein called LSD1 thought responsible for altering the regulation of DNA transcription.
The drug is based on a genetic mechanism which Beactica believes is more effective against cancer than catalytic LSD1 alternatives currently undergoing clinical trials.
Beactica will put the cash towards advancing its development pipeline over the next year, with some of the capital earmarked for a proof-of-concept study of the LSD1 drug targeting the aggressive brain cancer glioblastoma. It also plans to trial LSD1 in other indications.
The company’s co-founders include former chief scientific officer Helena Danielson, a professor in Uppsala’s Department of Chemistry who continues to assist Beactica as a consultant.
Uppsala previously backed Beactica in 2014 through its investment arm, UU Holding, in an Almi-led round that also featured Unionen and undisclosed private investors.
Almi Invest backed Beactica in 2009, and the other investors had also previously provided funding, however further details could not be ascertained.
Per Källblad, another co-founder of Beactica who acts as CEO, said: “Our pipeline of novel therapeutics is advancing well and we are very pleased with the confidence shown by our investors at this exciting time.
“There is a pressing need for improved therapies for glioblastoma, and the new funds will enable us to accelerate the development of compounds that have shown promise in pre-clinical models.”