Vicore secures funding to accelerate drug development
Swedish clinical-stage pharmaceutical company Vicore Pharma has secured SEK100m, supported by existing and new investors. The injection of capital will allow the company to scale the clinical development of its portfolio of therapies in respiratory and fibrotic diseases.
Vicore Pharma Holding AB raised SEK100m (9m) through the issue of more than 11 million new shares at a price of SEK9 per share. The financing was supported by both existing and new investors, including Invus and Capital Group.
With the recently closed rights issue of over SEK780m, Vicore Pharma now has the capital to significantly ramp up and accelerate the development of its novel drug class, Angiotensin II Type 2 Receptor Agonists (ATRAGs). Led by its key asset, buloxibutid, Vicore aims to establish a strong presence in idiopathic pulmonary fibrosis (IPF) and other pulmonary fibrosis indications, while exploring additional conditions where AT2 receptor agonism could have transformative effects for patients. “This investment, together with the recently closed rights issue, allows us to execute the expanded clinical Phase 2b ASPIRE study in IPF, perform Phase 3 preparatory activities, including manufacturing, as well as accelerate development of the ATRAG platform beyond buloxibutid, and further extend our cash runway.”
Vicore’s shares are listed on Nasdaq Stockholm’s main market.
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