Pleco Therapeutics BV has raised €17.3 million in its Series A financing round, which will be used to complete the development of its Plecoid Product, PTX-061, to improve the effectiveness of chemotherapy in patients with acute myeloid leukaemia (AML).
The investments include €3.6 million committed by Oost NL and a select number of private investors, €5m in government funding from the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO), and €8.7 million from Hyloris Pharmaceuticals.
There are sufficient funds to complete the development of PTX-061’s regulatory dossier in AML to be ready for submission to the FDA and EMA in 2024. The company will also accelerate preclinical work in other indications such as small-cell lung cancer (SCLC).
Pleco claims that its novel Plecoid therapies have the potential to positively change the balance of protein expression within the cancer microenvironment, removing the burden of toxic metals within the cell, thereby improving the effectiveness of existing chemotherapy.
Leukaemia cells can become resistant to current chemotherapy over time and most patients will relapse, even after initial successful treatment.
Worldwide, the incidence of AML is estimated to be 350,000 cases per year (4.7 cases per 100,000 population).
Ivo Timmermans, Chief Executive Officer of Pleco Therapeutics, commented: “We are delighted to have secured the funds needed to progress our lead drug candidate through development, for the treatment of AML, a blood cancer that carries a very poor prognosis. We welcome our new shareholders and are grateful for the support from Oost NL and RVO.”