License agreement with University of Basel extended by additional indications
PIQUR Therapeutics AG, focused on the discovery and development of innovative anti-cancer drugs, has successfully completed the Series A financing round. The private placement was rapidly oversubscribed. Subscribers include existing shareholders as well as new investors from the life science industry.
Dr. Vladimir Cmiljanovic, CEO and co-founder of PIQUR, commented: “We are delighted by the trust of investors in our company. In particular, we successfully attracted further distinguished individuals from the life science industry as investors. The successful round of funding has encouraged us in our determination to continue pursuing our corporate strategy. The funds that have been procured secure the cost of the first clinical studies with our lead compound PQR309.”
PIQUR has received approval from the authorities in Switzerland and UK to conduct the clinical Phase I study with PQR309. This study will assess the safety in cancer patients, and will help determine the ideal dosage. On January 2, 2014, PQR309 was administered to the first patient at the University Hospital in Basel. “For PIQUR, the very first administration of PQR309 represents an important milestone in clinical development. First results of the study are expected to be released before the end of 2014,” said Prof. Dr. Richard Herrmann, Chief Medical Officer of PIQUR.
Also of crucial importance for the future development of the company is the broadening of the license agreement with the University of Basel. The license agreement with the University of Basel was previously limited to the field of cancer, and has now been extended to a broad range of promising clinical indications. “The expansion of the license agreement is very important for the progress and development of our company. We now have the unlimited freedom to assess the therapeutic benefit of PQR309 and all other research programs in other therapeutic fields, such as immunology, neurology and ophthalmology,” pronounced Prof. Dr. Bernd Giese, Chairman of the Board of Directors.
To turn cancer into a manageable disease
PIQUR aims to help turn cancer into a manageable disease. Despite significant advances in the fight against cancer, there remains a high unmet medical need for therapies that not only prolong patients’ survival but also significantly improve quality of life. PIQUR targets both PI3K (phosphoinositide 3-kinase) and mTOR (mammalian target of rapamycin), two key signaling molecules that are vital to several essential biological processes, such as cell proliferation and survival, making inhibition of the target attractive for cancer therapy.
PIQUR’s differentiation is the level of innovation with its unique, proprietary fragment and scaffold libraries, as well as cellular technology platforms, and their excellent products with novel, dual-acting ‘strong PI3K plus fine-tuned mTOR’ inhibitors that address the given challenges, meeting therapeutic, tolerance and galenic needs.