- Oversubscribed financing co-led by HealthCap and EQT Life Sciences (formerly LSP); joined by Pureos Bioventures
- Developing novel drugs for systemic targeted radiation therapy (STRT)
- Proceeds will be used to advance lead radiopharmaceutical product, satoreotide, for the treatment of neuroendocrine cancersand certain other aggressive, hard-to-treat cancers
- Led by industry veteran Manfred Rüdiger as CEO, and world-renowned expert in oncology and nuclear medicine, Sandy McEwan as CMO
BERLIN, June 8, 2022 /PRNewswire/ -- Ariceum Therapeutics (Ariceum), a private biotech company developing a radiopharmaceutical product for the diagnosis and systemic targeted radiation therapy of certain hard-to-treat cancers, today announces the successful completion of an oversubscribed EUR 25 million Series A financing round. Ariceum was co-founded by EQT Life Sciences (formerly LSP) and HealthCap who also co-led the financing that was joined by Pureos Bioventures. Ipsen transferred assets, and all corresponding rights into the Company in late 2021.
The proceeds from the financing will enable Ariceum to further develop its lead asset and proprietary peptide derivative, satoreotide. Satoreotide is a radiopharmaceutical drug and an antagonist of the somatostatin type 2 (SST2) receptor which is overexpressed in many cancers, including certain hard-to-treat cancers such as small cell lung cancer (SCLC), high-grade neuroendocrine tumours (NETs) and neuroblastoma, an aggressive, rare type of cancer that occurs mainly in young children. Satoreotide will be used as a 'theranostic' for both the diagnosis and treatment of tumours expressing the SST2 receptor. Satoreotide is in early clinical development and, as of today, has been administered to more than 100 patients including more than 150 therapeutic administrations.
Ariceum is led by a highly experienced management team with a strong track record and expertise in clinical trials, systemic targeted radiation therapy and radiopharmaceutical development, as well as launching and commercialising diagnostic and therapeutic products in a variety of indications worldwide.
In conjunction with the financing, Karin Kleinhans of EQT Life Sciences, Per Samuelsson of HealthCap and Martin Münchbach of Pureos Bioventures will join Ariceum's board of directors together with Eduardo Bravo, CEO of EBAC, who has been elected as chairman of the board.
Founded in 2021, Ariceum is headquartered in Berlin, with operations in Germany and activities currently across Europe, North America and Australia.
Manfred Rüdiger, PhD, Chief Executive Officer of Ariceum Therapeutics, said: "We are very pleased to attract this outstanding syndicate of venture capital and corporate investors which validates our approach to developing our lead radiopharmaceutical product, satoreotide. I am excited to lead an exceptional team as we continue to build our platform and advance satoreotide for systemic targeted radiation therapy (STRT) to visualize and treat neuroendocrine tumors and certain other more aggressive cancers."
Karin Kleinhans, PhD, Partner at EQT Life Sciences, stated: "We founded Ariceum with the aim to build a European leader in targeted radiopharmaceuticals. We are delighted to support the Company in the development of its innovative technology to create more effective treatments for patients suffering from hard-to-treat cancers which are currently not adequately addressed by existing therapies, in addition to neuroendocrine cancers expressing the receptor."
Per Samuelsson, Partner at HealthCap, stated: "We are proud to have been involved with the Company since its early days and are very impressed with the progress achieved to date. We believe Ariceum's innovative theranostic approach to diagnose and treat different types of cancers is world-leading and we look forward to supporting the Company through the next stages of growth."
Martin Münchbach, PhD, Managing Partner at Pureos Bioventures, added: "We are honoured to join this round with HealthCap and EQT Life Sciences and believe it will be a tremendous joint effort to bring Ariceum to the next level. Ariceum understands the power of radiopharmaceuticals which will enable the Company to develop better targeted drugs to eradicate cancer more effectively with less side-effects."
About Ariceum Therapeutics
Ariceum Therapeutics (Ariceum) is a private, clinical stage radiopharmaceutical company focused on the diagnosis and precision treatment of certain neuroendocrine and other aggressive, hard-to-treat cancers. The name Ariceum is an anagram of 'Marie Curie' whose discovery of radium and polonium have been huge contributions to finding treatments for cancer. Ariceum's lead targeted systemic radiopharmaceutical product, 177Lu-satoreotide tetraxetan ("satoreotide") is an antagonist of the somatostatin type 2 (SST2) receptor which is overexpressed in neuroendocrine tumours (NETs), some aggressive cancers such as small cell lung cancer (SCLC) and the childhood cancer, neuroblastoma, all of which have few treatment options and poor prognoses. Satoreotide is being developed as a 'theranostic' pair for the combined diagnosis and targeted radionuclide treatment of these tumours.
Ariceum Therapeutics, launched in 2021, acquired all rights from Ipsen. Ariceum is headquartered in Berlin, with operations in Germany and activities currently across Europe, North America and Australia.
Ariceum is led by a highly experienced management team and supported by specialist investors including EQT Life Sciences (formerly LSP), HealthCap and Pureos Bioventures. For further information, please visit www.ariceum-therapeutics.com
About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.
The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek. EQT Life Sciences' broad life sciences and healthcare network is highly complementary to EQT's global healthcare sector franchise and makes EQT an even better and more innovative healthcare investor.
More info: www.eqtgroup.com/lifesciences
About HealthCap
HealthCap is a family of venture capital funds investing globally in life sciences. With more than EUR 1.2 billion raised since its start in 1996, HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe. The investment strategy focuses on diseases with high unmet medical needs and breakthrough therapies that have the potential to be transformative and change medical practice, and the lives of patients suffering these conditions.
For further information, please visit www.healthcap.eu
About Pureos Bioventures
Pureos Bioventures is a Swiss venture capital fund, which invests exclusively in private innovative drug development companies, with a special emphasis on the next generation of biological drugs and drug formats. The fund's portfolio companies are built on scientific excellence to develop therapies across a broad indication spectrum including oncology, immunology, ophthalmology, rare diseases, and neuroscience. Pureos has built a team with deep investment, operating and clinical expertise, that strives to impact patients' lives by advancing innovative treatments for devastating diseases.
For more information, please visit www.pureosbio.com
