Lund spin-out raises $1m

Lund University spin-out Cantargia, which is development therapeutics to treat leukaemia, has raised SEK 7m ($1m).

Venture firm Sunstone Capital invested €500k ($638k) in the Sweden-based biopharmaceutical firm, and LU Bioscience (LUBio), a holding company partially owned (20%) by Lund University, made up the difference with a further SEK 3m. Following the investment, Sunstone and LUBio will own 8% and 5% of Cantargia respectively.

Remaining shares in the firm are owned by the company founders, life science firm Innovagen, and Stockholm-based communications firm Microlund.

Cantargia plans to use the capital infusion to prepare for pre-clinical safety studies.

Anki Malmborg Hager, acting chief executive, said: “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.”