Chilean investors join the existing investor syndicate; The company plans to enter clinical stage in USA in the second half of 2015 with a first in class antisense drug for the treatment of solid tumors.
Andes Biotechnologies, a Chilean biotech start-up that has discovered a novel technology for the treatment of cancer, announced the successful completion of an oversubscribed $10 million Series B financing led by all of the company’s series A investors, and most importantly, with nearly $ 5 million subscribed by new investors coming from prominent Chilean Family Offices.
“We are delighted with the interest shown in Andes. Our ability to attract such a high-caliber collection of investors reinforces our belief in the potential of our anticancer therapy to positively impact the global oncology market” said Pablo Valenzuela, PhD, Andes’ President. “After several years of research, it is very encouraging to see that the company is set to begin clinical trials” he added.
Andes plans to use the funds from the Series B round to advance its lead drug candidate through Phase I. The preclinical results of the inactivation of the non-coding mitochondrial RNA therapeutic targets using an anti-sense technology, have shown that potentially, all cancers would be susceptible to treatment. The company has a sound scientific basis that enjoys a robust patent protection with a number of granted patents in all major markets worldwide.
“It is clear that Andes not only is employing a breakthrough technological approach for cancer treatment, but also has the scientific and management expertise to translate the company’s vision into reality, so we are very excited about the coming trial” said Felipe Camposano, Board Member and Fund Manager at Austral Capital. “We look forward to supporting Andes in the critical years ahead as it advances its promising therapeutics for cancer patients” he commented.
“Having been an investor from the early stages, we are delighted that the company has raised the full round with local investors” said Alex Seelenberger, Board Member and Managing Partner at Aurus. “Biotechnology is a relatively new investment arena in Chile, and this company is showing that it is possible to attempt the development of a world class drug from a small country like Chile. Andes has the right mix of people, science, IP and development plan to take the company into the international pharmaceutical development realm”.
ABOUT ANDES
Andes Biotechnologies has discovered a novel treatment for Cancer that selectively destroys cancer cells without affecting normal cells. This treatment has proven to be universal in the sense that the same drug candidate (Andes 1537) has shown to be effective in destroying several types of human cancer cells as shown in experiments with animal models (Xenogafts). Andes’ technology can selectively and safely induce the programmed cell death (apoptosis) of tumors cells by targeting a non-coding mitochondrial RNA without affecting the growth of normal cells. To learn more, please visit www.andesbio.com.
