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.

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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.