AdjuTec Pharma AS

Adjutec adds Non-dilutive funding to Lead Product APC148

Oslo, Norway, 28 September 2023 – AdjuTec Pharma AS is a privately held company developing antibiotic resistance breakers. The company was recently reallocated all of its Eurostars grant to our lead project APC148 research program.

Adjutec’s has now allocated the remaining grant of €1.4mill from the Eurostars program, to support development of our lead compound APC148. This will secure a significant part of the funding needed to start the single-ascending-dose (SAD) phase1a study early 2024.

Adjutec has applied for an EU program for new advanced technologies (EIC Accelerator) and received a very positive 1st stage evaluation by four reviewers. A final response is expected in December 2023. The evaluators regarded the APC148 product to have a breakthrough potential:
"This can be considered as a unique approach and a highly innovative product with breakthrough potential. The competitive advantage lies in the targeting of MBLs, and when combined, targeting MBLs and SBLs, what no other available product/treatment currently achieves. The competitive overview is comprehensive and credible"
The desperate need for new antibiotics was further emphasised by the announcement by President Biden yesterday (in Norwegian). He added another $100mill to drive research to fight multidrug resistant bacteria. The funding will be administered by Advanced Research Projects Agency for Health launched by the Congress in 2023. Adjutec will follow this program carefully.
Adjutec is preparing for a capital raise before end of 2023 and will present the company at LSX Nordic conference in Copenhagen 10-11th October. Prof Rongved and Bjørn Klem will attend the meeting.
“Adding non-dilutive funding to drive our projects is import for the company, for shareholders and potential investors. As the importance of new therapeutics is recognized, we can see an increase in funding opportunities”, comments CEO Bjørn Klem

About antimicrobial resistance (AMR) – https://www.who.int/news-room/fact-sheets/detail/antimicrobial-resistance

AMR is a global health threat with an estimated 5mill associated deaths, including 1.27mill deaths attributable to bacterial AMR in 2019. WHO has declared that AMR is one of the top 10 global public health threats facing humanity. Misuse of antimicrobials is the main driver in the development of drug-resistant pathogens. AMR results in prolonged hospital stays at intensive care units with increased costs to the healthcare system. Without effective antimicrobials, the success of modern medicine in treating and preventing infections during major surgery and cancer chemotherapy, can be jeopardized.

About AdjuTec Pharma

AdjuTec Pharma is a company that is dedicated to developing and providing novel antibiotic resistance breakers to the global market. The company technology offers a unique mechanism of action that inactivates bacterial defence enzymes and restores bacterial sensitivity to antibiotics. The company’s lead product is APC148, a selective zinc chelator targeting bacterial metallo-ß-lactamase (MBL) enzymes. The technology was invented by Professor Pål Rongved and his group at the Department of Pharmacy, University of Oslo. The Company is located at St. Olavs gate 5, 0165 - downtown Oslo.

For more information, please visit www.adjutecpharma.com

Please contact: info@adjutecpharma.com

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2023-09-29 11:17