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news.AnaMar Medical, a biotechnology company, has raised SEK75 million in a rights issue to finance continued development of its projects in chronic joint diseases.
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In a first step, the funds will finance a Phase I study of a drug candidate developed for rheumatoid arthritis. The funds are provided through a rights issue guaranteed by AnaMar’s principal owner Koncentra Holding. All shareholders are invited to participate in the rights issue.
The drug candidate that is currently being prepared for clinical studies is developed in the project AM240 MCR and is an orally bioactive small molecule compound that in preclinical studies has been shown to suppress inflammation and cartilage destruction in disease models for rheumatoid arthritis. The compound has also shown effect on pain.
The other project, AM260 TASS, is a compound that targets a receptor system which is known to be involved in the immunomodulation process. The main indication is treatment of rheumatoid arthritis.
Owe Garlin, CEO of AnaMar, said: “We are happy to have successfully secured SEK75 million in new financing in the current financial climate. It’s an acknowledgement that our principal owner shares our confidence in our projects. With this financing in place, we can take the first step into the clinic. First in line is a compound that is being developed for rheumatoid arthritis for which we will submit a clinical trials application early next year.”