Credit: Ernesto Eslava from Pixabay.

US-based biotechnology company QSAM Biosciences has announced the closing of its $2.5m Series B financing round to fund its upcoming clinical trials.

The financing round was led by investment firm Checkmate Capital Group, which is focused on biotechnology investments and other technologies.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Funds from the financing round are expected to be used primarily towards the company’s upcoming clinical trials for its flagship drug ‘Samarium-153-DOTMP’.

QSAM Biosciences CEO and co-founder Douglas Baum said: “We are very pleased with the overwhelming interest in our offering, the proceeds from which will go directly into advancing the development of CycloSam.

“We are focused on several important value creating milestones in 2021, including commencement of clinical trials for CycloSam for indications that include both primary bone cancer, such as osteosarcoma, and secondary bone cancers that metastasise from the breast, lung, prostate and other areas.”

The company expects to file its Investigational New Drug Application with the US Food and Drug Administration (FDA) later this quarter.

It will thereafter commence Phase I trials of the drug candidate.

Checkmate Capital CEO Tom Paschall said: “We have been impressed with the unique attributes of CycloSam’s radiologic cancer therapy, which, in animal studies, has demonstrated deep bone penetration followed by rapid exit of radioactive content from the body, as was reinforced by an FDA-approved, compassionate-use single human application.”

“We have been further impressed with QSAM’s team of experts in nuclear medicine as well as the leading oncology centres with which QSAM is partnered.”

Furthermore, the company has moved its official headquarters from Florida to Austin, Texas.

QSAM is focussed on the development of next-generation nuclear medicines for the treatment of cancer and related diseases.