On 17 June 2013 Acesion Pharma announced that the company had received a 27.9 million DKK (3.7 million EUR) Seeding Drug Discovery Strategic Award from the UK based Wellcome Trust to fund the development of a novel drug for the acute treatment of atrial fibrillation (AF). The award is a convertible loan which Wellcome Trust has now wished to partly convert into shares in Acesion Pharma with the intention of converting the remainder of the released loan in future equity rounds.
In the present transaction Wellcome Trust has converted an undisclosed but substantial part of the released loan capital thereby becoming a major shareholder in Acesion Pharma. The executive management and Board of Directors in Acesion Pharma are very pleased about this further commitment from the Wellcome Trust and look forward to working even closer together with the Trust in the effort to bring an acute cardioversion drug forward and ready for clinical development and testing in human.