REYKJAVIK, Iceland -- 17 Oct, 2024 -- Akthelia Pharmaceuticals is pleased to announce it has been awarded a two-year research grant from the Icelandic Centre for Research (RANNIS) under the Icelandic Technology Development Fund program. The grant will provide $350,000 of non-dilutive funding over the next two years to support the regulatory testing and early-stage clinical development of the company’s lead compound, AKT-011 / Gastrimod®.
The funding will be instrumental in advancing AKT-011 through the critical regulatory testing required to bring the drug to Phase 1A clinical trials. AKT-011 / Gastrimod® is being developed to treat chemotherapy-induced febrile neutropenia (FN), a condition with a significant unmet medical need. FN is a potentially life-threatening complication for cancer patients, making Akthelia’s work highly impactful in improving patient outcomes.
“The RANNIS grant will allow us to accelerate the development of AKT-011, advancing the compound towards clinical validation,” said Egill Masson, CEO of Akthelia Pharmaceuticals. “This funding will not only help us progress the necessary regulatory steps but will also serve as a validation of our project for future venture capital investors, making it easier to secure additional backing to take the drug into Phase II trials and beyond.”
While the main body of future funding will come from venture capital, the grant serves as a critical bridge to achieving Phase 1A testing and provides essential regulatory support. Akthelia aims to complete the clinical studies needed to demonstrate human efficacy in Phase II trials, with the ultimate goal of securing a partnership with a larger pharmaceutical company to further develop and commercialize the drug.
Akthelia Pharmaceuticals’ long-term vision for AKT-011 is to address the significant need for safer, more effective treatments for patients undergoing chemotherapy, and this grant marks a major milestone in achieving that goal.."
"“The RANNIS grant will allow us to accelerate the development of AKT-011, advancing the compound towards clinical validation. This funding will not only help us progress the necessary regulatory steps but will also serve as a validation of our project for future venture capital investors, making it easier to secure additional backing to take the drug into Phase II trials and beyond."
ABOUT AKTHELIA PHARMACEUTICALS
Akthelia Pharmaceuticals is a pioneering biopharmaceutical company, focusing on therapeutics that target mucosal barrier injury and epithelial integrity, via a novel biology-driven immunotherapeutic strategy that upregulates epithelial surfaces.
Akthelia lead program is a late preclinical stage asset with potential to be a first-in-class oral therapeutic addressing the large unmet need to improve cancer care outcomes by reducing the risk of chemotherapy-induced bloodstream infections. Akthelia's platform also addresses the urgent global threat of antibiotic bacterial resistance (AMR).
CONTACTS
Egill Masson CEO egill.masson@aktheliapharma.com
Akthelia Pharmaceuticals Grandagardi 16 101 Reykjavik Iceland