On January 15, 2015 Michał Sołowow invested in OncoArendi Therapeutics Sp. z o.o. via the IPOPEMA 112 FIZAN fund.
OncoArendi is a dynamically growing biotechnological company, which develops innovative anti-inflammatory and antitumor drugs with unique mechanisms of actions. Twelve million PLN obtained from Series A investors, with Michał Sołowow as leading investor, will allow the company to work on its key programmes for the next three years: potential asthma therapy and a group of new compounds stimulating the anti-tumour response of the human immune system. About 4 million Poles and 300 million people worldwide suffer from asthma with more and more children developing the disease. Currently used steroid therapies have severe side effects. At the same time every year cancer is diagnosed in more than 14 million patients and it remains the most frequent cause of death worldwide. In Poland both cancer incidents and death rate are the highest among European Union countries.
Apart from the company’s unique research programs and world leading position in the area of inhibitors of proteins called chitinases, investors were attracted to OncoArendi by its team of top medicinal chemists with many years of experience in pharmaceutical and biotechnology companies in the US, outstanding molecular biologists and successful managers with experience leading high-technology companies to IPO. Crucial for the investors was also The financial support, which the Company received from NCBR, was also important for investors, because it significantly lowers the risk of long term investment in scientific research.
OncoArendi is the first biotech investment for Michał Sołowow. This sector still developing in Poland. Financing research aimed at developing innovative drugs is very risky, but if successful, the potential return on investment may be great. Acquisitions of New drug candidates, which have already entered clinical trials, may be acquired by global pharmaceutical companies for hundreds of millions of dollars.
Investors and OncoArendi have joined forces to deliver to patients more effective and safer drugs than presently available therapies, along with company growth and substantial economic return.
OncoArendi will benefit from over 7 M in public financing within the Innovative Economy Operational Program, Action 1.4: “Support for targeted research projects”. The project, entitled “Selective inhibitors of acidic mammalian chitinase (AMCase) as potential therapy for asthma” will be executed in collaboration with several scientific and commercial contractors, including, among others, Medical University of Warsaw, Brown University, USA, Institute of Biophysics and Biochemistry and the Nencki Institute of Experimental Biology, Polish Academy of Science, the International Institute of Molecular and Cell Biology as well as a synthetic chemistry CRO – TriMen Chemicals SA. The project will result in identification of a clinical candidate to be registered as an investigational new drug for clinical trials.
On June 2, 2014 OncoArendi received another grant for IP protection.
We are inviting offers for performing market analysis and valuation for a new chemical compound (in Polish). Please find zapytanie_ofertowe_analiza_rynku_5.4_.1_201403_.doc.
with one of the top 10 U.S. Universities for the development of inhibitors of new, validated biological targets for the treatment of anti-inflammatory diseases. Further details of this agreement cannot be disclosed at this time.
through emission and acquisition of new shares, a total of 3.5 million PLN (approx. 1.1 million USD). Proceeds from this round will be used to supplement public financing in two ongoing discovery programs and launch a third program for the development of anti-inflammatory drug candidates.
to co-finance international patent protection for the OAT449 group of compounds. The funding sources is Action 5.4.1 of the Innovative Economy Operational Programme and the value of the contract is approximately 0.4M PLN. “Grants fo innovation”
a contract with the National Center for Research and Developemnt for co-financing of a 7 Miliion PLN, 30-month collaborative preclinical research and development project of a propriatary oncology drug candidate – OAT449. OncoArendi Therapeutics will be the sole owner of the research results of this joint project and plans to bring the preclinical work through GLP toxicology to the pre-ind stage. The funding source is Action 1.3.1 of the Innovative Economy Operational Programme.