Accelerator Nordic AB

SPAGO Imaging granted financing from VINNOVA

Pressmeddelande   •   Nov 30, 2011 10:03 CET

In accordance with the previously communicated recommendation, VINNOVA has granted SPAGO Imaging AB, a subsidiary to Accelerator Nordic AB, 3.6 million SEK in financing from the “Forska & Väx” program.

SPAGO Imaging develops a novel, nanoparticle based, tumor selective contrast agent for MRI which has the potential to significantly improve cancer diagnostics with MRI. The money will be used for documented preclinical safety studies necessary for taking the project to clinical phase.

MRI is a very good imaging technique for soft tissue visualization, but a concern with MRI for tumor diagnostics today is the relatively high number of false positive results, leading to increased patient suffering and added costs due to unnecessary biopsies and supplementary procedures. The contrast agent that SPAGO Imaging is developing accumulates in soft tumor tissue and has significantly higher signal strength than the commercially available MRI contrast agents. This enables better contrast between the tumor and surrounding tissue and the potential for higher specificity, thus reducing the risk for false positive results.

Today’s MRI contrast agents are almost exclusively based on gadolinium which is associated with Nephrogenic Systemic Fibrosis (NSF), a severe condition that can affect patients with impaired renal function. This has led to warnings from both US and European regulatory authorities. SPAGO has recently achieved good results in vivo and in vitro with gadolinium-free particles, meaning that, in addition to the good diagnostic properties, there is no risk for NSF.

The first indication for SPAGOs contrast agent is expected to be breast cancer, later expanding to other soft tissue tumors.

Through “Forska & Väx”, VINNOVA finances research and development projects in small and medium sized companies in Sweden. The goal is for the companies to increase their competitiveness by investing in research and development, thus contributing to growth in Sweden.

For additional information, contact Andreas Bunge, CEO Accelerator Nordic AB, +46 70 824 25 25.

Accelerator Nordic AB is a group of Life Science companies focused on pharmaceutical drug development and medical devices. Accelerator’s subsidiaries have exposure towards large growth markets such as medical imaging, oncology and orthopedics. The first medical device products are now on the market and a combination product is in clinical phase. The business model is centered on partnering or out-licensing. Accelerator Nordic is listed on the Aktietorget exchange in Stockholm, Sweden. For more information please see  www.acceleratorab.se .