Celluminova Secures Funding to Drive Development of Brain Tumor Treatment
November 11, 2024
Swedish life science company Celluminova has successfully raised SEK 8.1 million in seed funding for the continued development of its patented drug candidate, p- HTMI, targeting aggressive brain tumors. The investment, supported by committed existing and new shareholders, underlines confidence in Celluminova and its innovative asset. Notably, the funding round was completed without a reduction in company valuation. The capital will strengthen the company’s regulatory, clinical, and industrial capabilities and lay the groundwork for a Series A in 2025.
What We Have Achieved
Since the last financing round, Celluminova has advanced at a rapid pace, achieving substantial development milestones that have both reduced company risk and increased value. Key achievements include successful production of our API with demonstrated scale-up capacity, completion of a non-GLP toxicology study showing a promising safety profile for p-HTMI, and nearing final preparations for a first-in-human study. Additionally, Celluminova has been granted Orphan Drug Designation by the EMA, securing 10 years of market exclusivity upon approval. We have also strengthened value through preclinical studies confirming p-HTMI’s unique market position.
What is Next?
With this latest capital raise, Celluminova is well-positioned for its next phase of development in Q2 2025. Funds from this round will support the start of GMP production and GLP toxicity studies, advance in vitro preclinical studies, and actively prepare for a Series A round in 2025. These steps are essential to the execution of a first-in-human clinical trial, realizing the commercial potential of p-HTMI.
About Celluminova
Celluminova is a privately owned Swedish Life Science company specialized in identification of cancer stem cells. The company was founded following a successful collaboration between researchers at Linköping University and Karolinska Institute. For more information, please visit www.celluminova.se or follow us on LinkedIn
About p-HTMI
p-HTMI is a patented small molecule that enables detection of glioma stem cells by fluorescence. p-HTMI is currently included in an ex vivo study (NCT05556486) for mapping of glioma stem cells in the resection margin of malignant glioma.
About malignant gliomas
Malignant gliomas are a type of aggressive brain tumors consisting of astrocytoma, oligodendroglioma and glioblastoma, where the latter is the most common and deadly form.
Contact us
Shirin Ilkhanizadeh, CEO
shirin@celluminova.se