TIKOMED Secures 5M Euro Funding for the Clinical Development of ILB™ and IBSOLVMIR®
VIKEN, Sweden, March 13, 2020 (Newswire.com) - TIKOMED, a Swedish privately-held biopharmaceutical company today announced that it has successfully completed a 5 million Euro round of financing from current investors. The capital will primarily be used to support the ongoing clinical development program for ILB™ and IBSOLVMIR®, advancing the company’s position within the treatment of acute and degenerative neurological diseases and cell transplantation.
“We are delighted to have secured this funding, which shows the confidence our shareholders have in our unique drug candidates and expertise,” said Anders Kristensson, CEO of TIKOMED. “With ILB™ we present a new class of drug which target the underlying processes responsible for the deterioration of nerve cells characteristically associated with ALS and other neurodegenerative diseases. We are excited about our ongoing phase II trials in ALS, as there remains a significant unmet medical need for this chronic disease which causes great suffering for patients and caregivers.”
TIKOMED is developing therapeutics for treating acute and degenerative neurological diseases and an immunologically modifying drug for improving outcome in cell therapies. Currently, the portfolio is comprised of two clinical programs: the ILB® program in which TIKOMED is running two phase II clinical trials in ALS (amyotrophic lateral sclerosis) and for which data is planned to be disseminated during 2020 and the IBSOLVMIR® program in which TIKOMED is running a phase II clinical trial in Islet Cell Transplantation in brittle diabetics.