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 30% of the funding needed to start the clinical phase 1a program 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 bythe 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
Full PR available here