View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
January 29, 2021

QSAM Biosciences closes financing to fund upcoming clinical trials

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

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

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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

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.

Related Companies

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Key drug pipeline and competitive landscape changes based on the latest clinical activity, sent every Tuesday. Curated analysis and data-driven insights on clinical trials strategy and operations, sent every Thursday. The pharmaceutical industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Clinical Trials Arena