AnaCardio pumps €19 million into heart failure treatment innovation | EU-Startups

AnaCardio, a clinical-stage biopharmaceutical startup headquartered in Stockholm, has secured €17.8 million in a Series A extension round to develop their drug candidate AC01.

The financing was co-led by Novo Holdings, Pureos Bioventures, and Sound Bioventures. Existing investors Flerie, Industrifonden, and Fredrik and Ann-Helene Ljungström also participated.

This funding will propel AnaCardio’s flagship drug candidate, AC01, through critical clinical trials targeting heart failure with reduced ejection fraction (HFrEF).

AnaCardio’s CEO Patrik Strömberg commented, “This is a landmark day for AnaCardio, where we report a significant financing round, welcome three prominent new investors, and announce the positive outcome of the first study with AC01 in patients. We now have the data and funding to accelerate the further clinical development of our first-in-class inotrope to improve the lives of patients with heart failure”.

AnaCardio was founded in 2017 by Lars Lund, it is a privately held Swedish clinical stage biopharmaceutical company developing novel drugs to treat heart failure. It was founded based on research from Karolinska Institutet showing improved contractility of the heart muscle through a unique and differentiated mechanism.

AC01, the company’s lead candidate, is a first-in-class oral ghrelin receptor agonist designed to enhance cardiac contractility. Unlike traditional inotropes, AC01 has shown potential to improve heart function without adverse effects commonly associated with existing therapies, such as tachycardia or hypotension.

The newly raised funds will support the completion of the phase 1b/2a GOAL-HF1 study, which includes a 28-day cohort expansion planned for early 2025. The study’s earlier findings revealed AC01’s safety and efficacy, demonstrating its capacity to enhance cardiac contractility while maintaining a favourable safety profile. These results are hailed as a breakthrough in heart failure therapies by AnaCardio.

“The study results demonstrate that AC01 is a promising novel inotrope showing signs of increased contractility without adverse effects, such as tachycardia, arrhythmias, ischemia or hypotension which are typically seen with conventional inotropes when administered to patients with heart failure. AC01 proved to be well-tolerated and showed convincing target engagement meriting advancement to the next development stage testing the drug for 28 days to establish proof-of-concept and enable progress to late-stage clinical development”, commented Professor Lars Lund, CSO and Founder of AnaCardio.

Joining AnaCardio’s Board of Directors are Johan Kördel (Sound Bioventures), Jørgen Søberg Petersen (Novo Holdings), and Veronica Gambillara Fonck (Pureos Bioventures). Additionally, Viktor Drvota, CEO of Karolinska Development, will replace Per Aniansson, and Karin Hehenberger, Advisor at 3BFuture Health, will transition to a board observer role.

“Heart failure with reduced ejection fraction remains a major unmet medical need, affecting millions of lives worldwide. We are thrilled to be part of this groundbreaking initiative and proud to support the development of a new therapeutic option that has the potential to significantly improve outcomes for patients facing this challenging condition,” said Johan Kördel, Managing Partner, Sound Bioventures.