Cision PR Newswire
Hemispherian raises the first tranche of a Series A to fund the development of its novel cancer therapeutics
News provided byHemispherian AS
Nov 24, 2022, 3:00 AM ET
OSLO, Norway , Nov. 24, 2022 /PRNewswire/ -- Hemispherian AS ("Hemispherian" or the "Company"), a Norwegian preclinical pharmaceutical company focused on small molecule cancer therapeutics targeting the DNA damage response, is delighted to announce the closure of the first tranche of its series A1 financing round. The round raised NOK 30M (USD 2.9M). The proceeds will support the company's drug development activities, expand its preclinical pipeline and advance its lead therapeutic compounds towards clinical development.
The round was led by the Dutch Investment Firm, Meneldor, who partnered with Norwegian and American investors. Among the Norwegian investors are Kistefos AS and Kvantia AS. Most of the earlier investors followed their seed investment, and the board chaired by Steven Powell, remains unchanged.
"Hemispherian continues to accelerate its clinical ambitions and we are pleased to continue our support of Hemispherian's selective anti-cancer pharmaceutical pipeline. This funding will support preclinical development of GLIX1 and GLIX5, the company's lead assets."
- Paul Lelieveld, Meneldor Co-Founder
About Hemispherian AS
Hemispherian is an innovative pharmaceutical company focused on developing a novel class of small molecule drugs (GLIX). GLIX compounds target the TET2 enzyme and activate the DNA damage response resulting in cancer cell death. The company's lead compound, GLIX1, is in late-stage preclinical development for the treatment of glioblastoma multiforme, a deadly cancer of the central nervous system and the leading cause of death by disease in children. Hemispherian is further focused on developing a companion diagnostic tool to support patient selection for optimal therapeutic response to GLIX1. Hemispherian is based in Oslo, Norway. For more information, visit www.hemispherian.com.
Meneldor, based in the Netherlands, invests in early-stage Western European biotech and pharmaceutical companies. Meneldor is focussed on companies that develop new biological or chemical molecular entities, that address a significant unmet medical need. Hemispherian is Meneldor's sixth and most recent addition to their list of portfolio companies.
Kistefos AS is a private investment company owned by Christen Sveaas. The company was established in 1998 and manages a diversified portfolio of companies within a variety of industries including offshore, shipping, financial services, technology and real estate. Kistefos' investment portfolio is managed from Oslo, Norway, and is mainly focused on investments in Europe.
Kvantia is a global Investor Partnership in Oslo, Norway, formerly Andenæsgruppen. Kvantia has a disciplined investment strategy securing superior risk adjusted returns, while at the same time aiming for positive influence and impact on qualitative aspects of life on earth. Their quantitative activities are organized in Kvantia AS and their qualitative activities in Kvalia AS.
Zeno Albisser, CEO
+47 406 03 455
View original content to download multimedia:https://www.prnewswire.com/news-releases/hemispherian-raises-the-first-tranche-of-a-series-a-to-fund-the-development-of-its-novel-cancer-therapeutics-301686319.html
SOURCE Hemispherian AS