Acacia Pharma raising at least €20m growth capital

Cambridge-based Acacia Pharma Group is raising €20 million through an accelerated bookbuild to fast-track commercialisation of certain functions.

The UK business, which also has operations in the US in Indianapolis, is a commercial stage biopharmaceutical company focused on developing and commercialising novel products to improve the care of patients undergoing serious medical treatments such as surgery, invasive procedures, or chemotherapy.

The €20m will be raised in new ordinary shares and there is a possibility to increase the size of the placing.

The company has also provided a brief update on the early positive market reception to the US launch of BARHEMSYS®. To date, approximately 90 per cent of hospitals that have reviewed BARHEMSYS® have placed the drug on their lists of medicines resulting in 90 accounts across the US where the product is currently available on formulary.

CEO Mike Bolinder reports that the US launches of both BARHEMSYS® and BYFAVO™ are “proceeding extremely well despite the challenging operating environment imposed by COVID-19 related restrictions.” 

He added: “As for any US hospital product launch, two of the most important key performance indicators of early product acceptance in the market are the number of accounts that have placed the drug on their hospital formulary of approved products and the percentage of hospitals that have reviewed the product and decided to place it on their lists of medicines. 

“The launch of BARHEMSYS®, in its first full quarter with our salesforce in place, has exceeded the company’s expectations and fares favourably to recent comparable US hospital product launches. 

“This is a great start by our focused and experienced sales force and further positive decisions for inclusions on additional hospital formularies are anticipated in the near term.” 

The net proceeds of the €20m placing will partly meet sales force and marketing costs relating to BARHEMSYS® and BYFAVO™ – including brand development and engagement with key opinion leaders, healthcare professionals and medical conference and speaker programs.

It will also help Acacia continue implementing post-approval research and development commitments including paediatric studies for BARHEMSYS® and BYFAVO™ and a renal study for BARHEMSYS®.

Some of the money will be deployed to satisfy interest and principal payments under existing loan agreements and the remainder for general corporate purposes relating to ongoing commercialisation activities.

The new shares are expected to be admitted to Euronext Brussels on February 23.

In a concurrent move triggered by Brexit, Acacia Pharma has changed its home Member State to Belgium. Its Cambridge base is at The Officers’ Mess in Duxford.

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