Adjutec Pharma Closes a Capital Raise of NOK 12mill

Oslo, Norway, June 20th, 2022 – AdjuTec Pharma AS, a privately held company developing antibiotic resistance breakers, is happy to announce that it has secured NOK 12mill. The capital raise together with Eurostars funding will enable Adjutec to start the non-clinical program of APC247, its new broad-spectrum β-lactamase inhibitor. The early start of the non-clinical program is an exciting milestone for the company that will secure a maximum period of market protection. The company filed a patent in 2021. The funding will also give Adjutec financial flexibility in planning of the next capital raise early 2023 to fund the clinical phase 1 program. Adjutec preclinical R&D is partly financed by three grants through the Norwegian Research Council (NRC). This important non-dilutive funding is unaffected by proposed cut-backs in future budgets of NRC.

Adjutec also looks for international funding opportunities and has expectations to upcoming calls from the CARB-X program that recently raised US$370mill to stimulate development of new products to fight antimicrobial resistance (AMR). The program is supported by The Biomedical Advanced Research and Development Authority (BARDA) and U.S. National Institute of Allergy and Infectious Diseases (NIAID), both within the US Human Health Services, and Wellcome. The CARB-X program emphasizes the US governmental commitment to support development of new AMR products to benefit the US population.

U.S. government and Wellcome commit up to an additional US$370 million to CARB-X - Carb-X

“The recent capital raise among existing investors reflects the good progress of our non-clinical activities in Adjutec over the last months. Despite recent global turmoils affecting both deliveries of materials and availability of private capital, we were able to complete the capital raise as planned. Recent grants from Eurostars and the Norwegian Research Council put Adjutec is an excellent position to continue non-clinical activities and prepare for clinical trials in 2023” comments Chair of Board, Nicolaj Weiergang.

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

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 at intensive care units and isolate wards. In addition, there is a need for more expensive medicines and financial challenges for those impacted. 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 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.

For more information, please visit www.adjutecpharma.com
Please contact: info@adjutecpharma.com