€3.5 M for LeukosBiotech to develop a new class of drugs
Inveready Innvierte Biotech, a venture capital fund specializing in early stage biotechnology companies focused on drug discovery, leads a €3.5 Million round in Leukos Biotech. The spin-off company will develop a new class of drugs against leukemia stem cells in a project designed and led by Dr Ruth Risueño of the Leukemia Stem Cell Group.
Inveready has invested in LEUKOS BIOTECH, a biotechnology company founded in October 2015, by the Josep Carreras Leukemia Research Institute and by Dr. Ruth M. Risueño, leader of the Leukemia Stem Cell Group. The CEO is serial entrepreneur Dr. Enrique Llaudet and the Jose Carreras International Leukemia Foundation is participating. Leukos has its headquarters in Barcelona and will develop a novel class of drugs around a newly discovered therapeutic target that selectively destroys LeukemiaStem Cells. This new discovery opens the door to a completely new therapeutic strategy to treat Cancer Recurrence.
The round will push a first candidate into clinical trials for Acute Myeloid Leukemia for patients defined as unfit, ie, those that are 60 or over and that are not suitable for bone marrow transplant or aggressive chemotherapy. There is an unmet need for a effective treatment options for these older individuals who make up 40% of all AML patients.
Although bone marrow transplant can work on younger patients, there are no real alternatives for the growing unfit population. Leukos will also develop a pipeline of follow up candidates for Leukemia Stem Cells in other types of Leukemia. Dr. Ruth M. Risueño, who has extensive experience in new biological target discovery for Leukemiaand is a world expert in Leukemia Stem Cells, made the original discovery of this new target.
Leukos Biotech has been advised throughout by Antares Consulting: from the technology transfer process to the interim management and the business plan preparation. Antares Consulting has assisted Leukos in the identification of its CEO. The consultancy firm has also supported and accompanied the spin-off in all the fundraising process, a service provided by Antares Consulting since 2014 to research and development institutes