SAN DIEGO & REHOVOT, Israel & SEOUL, South Korea–(BUSINESS WIRE)–
Today, Korea Investment Partners (KIP), DSC Investments, Sevion Therapeutics, Inc. (SVON) and Eloxx Pharmaceuticals Ltd, a clinical stage company developing therapeutics for genetic diseases caused by nonsense mutations, announce a US$6 million investment in Eloxx Pharmaceuticals. This investment increased the total series C fund raising to a US$30 million.
The round was led by Dr. Phil Frost, OPKO Health Inc. (OPK) and Pontifax, a leading VC in Life Sciences, and is part of the Acquisition Transaction announced between Sevion and Eloxx.
On June 2, 2017, Sevion and Eloxx announced the signing of a definitive agreement for an acquisition transaction. Under the terms of the agreement, Eloxx will become a wholly owned subsidiary of Sevion. Upon completion of the transaction, Sevion will change its name to Eloxx Pharmaceuticals, Inc. and intends to apply to have its shares listed for trading on NASDAQ.
Eloxx is planning to initiate multiple clinical studies for ELX-02, its lead development candidate, and anticipates achieving substantial clinical milestones over the course of 2017 and 2018, particularly in the lead clinical programs in cystic fibrosis and cystinosis patients carrying nonsense mutations.
Yunjoon Kim, Executive Director at KIP, said, ‘We are thrilled to join OPKO, Dr. Phil Frost, Pontifax and others in this investment.’ And Yohan Kim at DSC added, ‘We have full confidence in the company’s clinical programs and in the management team, led by CEO and co-founder Dr. Silvia Noiman.’
‘ELX-02 provides a unique opportunity to potentially be the first disease-modifying therapy to treat a set of devastating genetic diseases, caused by nonsense mutations for which there are no effective treatments. We welcome KIP/DSC as investors in this round of financing. This financing enables us to initiate multiple clinical studies for ELX-02 including phase 2 studies in Cystic Fibrosis and Cystinosis patients carrying nonsense mutations. In addition, the additional amount will provide Eloxx more clinical flexibility and we aim to test the drug in other indications,’ said Dr. Silvia Noiman, Chief Executive Officer of Eloxx Pharmaceuticals.
‘ELX-02 has shown pharmacological, pharmacodynamic and physiological effects in several animal models of genetic disease caused by nonsense mutations including Cystic Fibrosis (CF), Cystinosis, Duchene Muscular Dystrophy (DMD), Rett syndrome and mucopolysaccharidose type I (MPS I).’
ELX-02 provides a unique opportunity to potentially be the first disease-modifying therapy for treatment of this set of devastating diseases, for which there are no effective treatments.”
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Louis DeCola, Jr. © 2017 The Hygiology Post ®