Cinclus Pharma secured $26.5M in capital funding.
Cinclus Pharma AB, a Mölndal, Sweden-based clinical stage pharma company, announced the completion of a SEK 250M ($26.5M) capital investment round.
The funding was led by The Fourth Swedish National Pension Fund (AP4) included backing from existing investors Recipharm Venture Fund AB, Bengt Julander and Jonas Sjögren. The company intends to use the funds for the continued development of its treatment.
Cinclus Pharma (latin for the European dipper), founded in 2014 by CEO Kjell Andersson, Peter Unge, Lennart Hansson, Mikael Dahlström, Urban Paulsson and Marek Poszepczynski, develops small molecules for the treatment of gastric acid related diseases. Its drug candidate X842, which successfully completed a phase I clinical study, is based on a substance initially developed by AstraZeneca that has been proven safe and well-tolerated in studies including over 2 500 individuals. The favorable safety profile and pharmacokinetic characteristics of X842 has been demonstrated in a Phase 1 clinical study.
The members of Cinclus Pharma’s management team were key members of the project teams that developed AstraZeneca’s blockbuster drugs Losec and Nexium.