Investee Company – Pharmacore AB (Sweden)
Investee Company Business Type – Drug development research company
Type of Financing – Development
Equity Providers – A+ Science Invest AB, InnovationsKapital AB and Swedestart
Equity Leader (Individual) – N/A
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro4.8 million
Total Deal Value – euro4.8 million
Other Advisors – N/A
Pharmacore AB, a Swedish drug development research company, has secured a euro4.8 million first round of financing. The funding was provided by Swedish venture capital firms A+ Science Invest AB, InnovationsKapital AB and Swedestart.
Based in Uppsala, Sweden, Pharmacore’s activities are based on research conducted by leading scientists in medicinal chemistry, gastrointestinal and cardiovascular research at the Universities of Gothenburg and Uppsala. The company develops new substances for treatments of dyspepsia and IBS based on angiotensin I agonist.
Pharmacore will use the funding to develop a new cluster of pharmaceuticals for the treatment of common medical conditions, such as gastritis, functional gastrointestinal complaints, and cardiovascular diseases, such as high blood pressure and heart failure.
Boo Edgar, general manager of A+ Science Invest, commented: “The foundation ofPharmacore is a natural step to further develop the project. The broad knowledge containednow within Pharmacore will allow the company to discover and develop the new pharmaceutical molecules, including concept studies in man.”
Tomas Hammargren, chairman of the board of Pharmacore AB, said: “Pharmacore is in theearly stage of development of a whole new cluster of pharmaceuticals. A confident patentsituation, top class scientists and a large market potential makes Pharmacore a company to be watched closely in the near future.”