Pleco Therapeutics Announces Final Close of its Series A Financing Raising €17.3m to Progress its Novel Plecoid™ Product in Acute Myeloid Leukaemia to Regulatory Filing in USA and EU
06 Sep 2022
NIJMEGEN, Netherlands, Sept. 6, 2022 /PRNewswire/ -- Pleco Therapeutics BV, a specialty biopharmaceutical company developing novel treatments designed to detoxify the cancer micro-environment today announces the final close of its Series A financing, with total funds raised of €17.3 million. The funds will be used to complete development and commercialise the Company's novel lead Plecoid™ Product, PTX-061, to improve the effectiveness of chemotherapy in patients with Acute Myeloid Leukaemia (AML).
The investments include €3.6 million in new equity committed by Oost NL and a select number of private investors, €5m in government funding from the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO), and €8.7 million in equity and R&D project financing from Hyloris Pharmaceuticals SA (Euronext Brussels: HYL) previously announced in late 2021.
In total, at final close, the round exceeds the Company's goal of €15 million. It provides sufficient funds to complete the development of PTX-061's regulatory dossier in AML and to be ready for submission to the FDA and EMA as early as 2024, and to accelerate preclinical work in other indications such as Small-Cell Lung Cancer (SCLC).
Pleco's novel Plecoid™ therapies are patented, innovative treatments that include chelating agents with different characteristics, that have the potential to positively change the balance of protein expression within the cancer microenvironment, removing the burden of toxic metals within the cell, thereby improving the effectiveness of existing chemotherapy.
Whilst AML is a relatively rare disease, the effectiveness of current chemotherapy may be limited because the leukaemia cells can become resistant to it over time. The majority of patients will relapse, even after an initial successful treatment. Relapses carry a poor prognosis; most patients no longer respond to treatment and die from anaemia, infection, or multiorgan failure. Worldwide the incidence of AML is estimated to be 350,000 cases per year (4.7 cases per 100,000 population)1. In the US, there was an estimated 20,050 new cases of AML in 2022 and 11,540 deaths2.
Ivo Timmermans, Chief Executive Officer of Pleco Therapeutics, commented: "We are delighted to have secured the funds needed to progress our lead drug candidate through development, for the treatment of AML, a blood cancer that carries a very poor prognosis. We welcome our new shareholders and are grateful for the support from Oost NL and RVO."
Pleco's funding from the RVO is the maximum granted under its Innovation Credit scheme that helps entrepreneurs with promising and challenging innovations with excellent market perspective. It provides special funding, a national and international network, and personal advice for innovative start-ups.
Pleco recently announced its expansion, with the incorporation of its subsidiary, Pleco Therapeutics USA, Inc., and the appointment of Michael Stalhamer as its President and first US-based employee. Mr Stalhamer also serves on the global leadership team as Vice President (VP) Product Development and Regulatory Affairs.
AML is a type of heterogenous haematological malignancy that originates from immature white blood cells (blasts) in the bone marrow, which may be derived from either a hematopoietic stem cell or a lineage-specific progenitor cell. AML generally spreads quickly to the bloodstream and can then spread to other parts of the body including lymph nodes, spleen, central nervous system, and testicles. AML is an orphan disease and is the most common type of acute leukaemia in adults and is primarily a disease of the adulthood; the median age of newly diagnosed AML patients is around 67 years. Worldwide the incidence of AML is estimated to be 350,000 cases per year (4.7 cases per 100,000 population, Globocan). In the US, there was an estimated 20,050 new cases of AML in 2022 and 11,540 deaths. Additionally, AML is more common in males. AML can arise de novo or secondarily either due to the progression of other diseases or due to treatment with cytotoxic agents.
About Pleco Therapeutics
Pleco Therapeutics is a clinical stage specialty biopharmaceutical company which aims to extend the life span and enhance the quality of life of patients through its novel Plecoid™ therapies that have been designed to dramatically increase the effectiveness of current cancer treatments. Its novel Plecoid™ therapies have the potential to positively change the balance of protein expression within the cancer microenvironment, removing the burden of toxic metals within the cell, thereby improving the effectiveness of existing chemotherapy. A private company, Pleco is headquartered in Nijmegen, the Netherlands, with a U.S. subsidiary, Pleco Therapeutics USA Inc, based in Newark, New Jersey.
For more information visit www.plecotherapeutics.com. Follow us on LinkedIn and Twitter
[1] Worldwide AML incidence cases, Globocan registry
[2] Cancer Stat Facts: Leukemia — Acute Myeloid Leukemia (AML), SEER, 2022
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