Archimedes Pharma outlines future expansion plans

Archimedes Pharma has detailed its plans to expand its global business after securing significant funding via a growth equity fund.

The pharmaceuticals company has raised a total of 65 million pounds in new funding thanks to the contribution of Novo Growth Equity, as well as assistance from private equity fund Warburg Pincus.

It intends to invest this capital in expanding its healthcare sector activities in both Europe and the US, as well as financing the global launch of PacFent, its fentanyl nasal spray for treating cancer pain.

Jeffrey Buchalter, the newly-appointed president and chief executive officer (CEO) of Archimedes, stated that this represents a key transformational phase in the company’s evolution.

He added: “I am delighted to join as president and CEO to accelerate the expansion of Archimedes’ business in Europe, support the commercialisation of PecFent and build the operations in the US market.”

The company is also currently developing Granisetron, a nasal spray for chemotherapy-induced nausea and vomiting, which commenced clinical trials in December 2009.