AdjuTec Pharma AS

AdjuTec Pharma Announces the Successful Raise of NOK 35mill to Fund the Preclinical Program, and Signs new Management Team

Oslo, Norway, June 21st, 2021 – AdjuTec Pharma, the antibiotic resistance breaker Company, is pleased to announce the successful raise of NOK 35mill to support the preclinical program of APC148. The funding will also be used to strengthen the team to take AdjuTec to the doorstep of clinical trials in 2023.

AdjuTec has signed Pål Rongved as CSO in a 50% position to coordinate explorative research and take charge of intellectual property. Pål holds a PhD in Chemistry and is professor at Department of Pharmacy, University of Oslo (UiO). He has a long work experience from Nycomed/Amersham/GE HealthCare in explorative chemistry, before starting antibiotic research at UiO. His research group has several patents in the field of antibiotic resistance and he is the founder and majority shareholder in the Company. Pål Rongved will start working in AdjuTec from July 1st 2021.

AdjuTec has signed Ragnar Hovland as CTO to be in charge of CMC activities as well as coordinate preclinical activities. Ragnar is a pharmacist with a PhD in Medicinal Chemistry from UiO. He has an impressive background from international pharma (AstraZeneca) and Norwegian biotechs (Pronova BioPharma and Photocure), leaving a senior position at PharmaQ to join the AdjuTec team. Ragnar Hovland will be joining the Company from October 1st, 2021.

“AdjuTec is pleased to have secured financing of the preclinical development including preparations for starting clinical trials with lead candidate APC148. To achieve this major milestone the Company will establish a core management team. AdjuTec has already signed three competent people in a very competitive biotech marked, supporting the positive interest from investors” said Nicolaj Weiergang, AdjuTec Pharma Chairman of the Board.

About antimicrobial resistance (AMR) –

AMR is a global health and development threat. It requires urgent multi-sectoral action in order to achieve the Sustainable Development Goals (SDGs). WHO has declared that AMR is one of the top 10 global public health threats facing humanity. Misuse of antimicrobials are the main drivers in the development of drug-resistant pathogens. Lack of clean water and sanitation and inadequate infection prevention and control promotes the spread of microbes, some of which can be resistant to antimicrobial treatment. The cost of AMR to the economy is significant. In addition to death and disability, prolonged illness results in longer hospital stays, the need for more expensive medicines and financial challenges for those impacted. Without effective antimicrobials, the success of modern medicine in treating infections, including during major surgery and cancer chemotherapy, would be at increased risk.

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 defense enzymes and restores bacterial sensitivity to antibiotics. The Company lead product is APC148, a selective zinc chelator targeting bacteria metallo-ß-lactamase (MBL) enzymes. The technology is developed by Professor Pål Rongved and his group at Department of Pharmacy, University of Oslo. The Company is located at Oslo Cancer Cluster Innovation Park next to the Radium Hospital, Oslo.

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