Press Release – Seed-Extension

The start-up TargTex and the pharmaceutical company Basi close a seed-extension investment

Press Release

TargTex receives a 2M€ investment from the pharmaceutical company Basi, a company from the Portuguese FHC Group, with multinational presence and activity.

The investment will be used to conclude the Research & Development stage and to begin the formal pre-clinical studies necessary to apply for authorization to perform the first human trials.

Torres Vedras, February 14th 2022 – “TargTex S.A., a start-up company that develops a new local therapy for the treatment of Glioblastoma (GBM), announces the conclusion of Seed Extension financing round, a second investment meant for start-ups in early stages of growth, with 2 million euros (2M€) invested by the pharmaceutical company Basi which joins Portugal Ventures as investors in this project.

GBM is the most aggressive and most common brain tumour in adults, with an average life expectancy of 16 months. Annually, it is estimated that around 200,000 patients are diagnosed worldwide. Preliminary data obtained in animal models show that the strategy developed by TargTex – a hydrogel applied into the site of tumour removal – releases the active substance in a controlled way over several days, eliminating cancer cells that have not been completely removed by surgery. This way, an effective manner of eliminating cancer cells is achieved in a short period of treatment and after a single application.

TargTex, founded in 2019, a spin-off company from the research group of Professor Gonçalo Bernardes at the Instituto de Medicina Molecular João Lobo Antunes (IMM) [in English, Institute of Molecular Medicine João Lobo Antunes], in Lisbon, is focused on the development of novel pharmacological candidates for cancer, having an innovative treatment for GBM as their most advanced product.

João Seixas, CEO of TargTex, refers that “Our purpose is to make this therapy a reality for cancer patients. Basi believed in the potential of our project and with this investment we will be able to perform the pre-clinical studies that will allow us to complete a package of essential toxicological data to request authorisation to begin clinical trials in humans. From our perspective, this investment is strategically very important because in addition to the financial aspect, it allows us to attract a partner with an innovative genesis and mentality, with vast pharmaceutical experience, which enable us to enhance our research & development pipeline for other types of cancer and potentially reduce production costs of new therapeutic drugs”.

The pharmaceutical company Basi is a company within the FHC Group, one of the most relevant business groups in the pharmaceutical sector in Portugal, with multinational activity and with more than 600 employees in companies located in Portugal, Spain and several African countries. Basi, with headquarters in Mortágua, is responsible for the research, development and production of the more than 200 different therapeutic drugs in the group’s portfolio. The company has more than 270 employees with a global presence and activities in more than 60 countries and 4 continents.

According to Joaquim Chaves, President of the Administration Board of the FHC Group: “We believe that our investment in an innovative company like TargTex will accelerate the availability of a new treatment for cancer patients, with the field of oncology being one of our current priorities. As one of the leading pharmaceutical companies in Portugal, we are committed to invest in research and innovation activities that can bring to the market new therapeutic solutions that improve the quality of life of our society. This purpose will only be possible through synergies between companies, universities and innovative start-ups, such as the collaboration we present with TargTex. Collaborative innovation is the present and future of Basi and FHC Group”.

Rui Ferreira, President of Portugal Ventures refers that “In Life Sciences projects, it is essential to find partnerships that allow the creation of synergies for the development of products and technologies, bringing them closer to players with a consistent presence in the market, such as the pharmaceutical company Basi. With this investment, TargTex and Basi will work together to develop a treatment for aggressive brain tumours. Portugal Ventures is proud of this important step for TargTex and will continue to work side by side with the team, so that the next phase of clinical trials could be a very close reality.”

Currently, there is no effective therapy for GBM on the market, a limitation that the research and innovation of this ambitious project could be able to solve, leading to a new hope for the lives of these cancer patients.”