EQT Life Sciences announces launch and series A Financing Round of portfolio company Ariceum Therapeutics
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 cancers and 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 Mc Ewan as CMO.
EQT Life Sciences announced that Ariceum Therapeutics (Ariceum), a private biotech company developing a radiopharmaceutical product for the diagnosis and targeted radiation therapy of certain hard-to-treat cancers, has successful completed an oversubscribed EUR 25 million Series A financing round. Ariceum was co-founded by EQT Life Sciences (formerly LSP) investing from the LSP 7 fund 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.”