Oxagen secures GBP16 million in series C financing

Oxagen, a UK-based biopharmaceutical company, has completed a GBP16 million series C round led by Novartis Venture Funds.

The proceeds of the funding will be used primarily to advance Oxagen's CRTH2 antagonist program in inflammatory and respiratory diseases. This will include the completion of an ongoing Phase IIb clinical study of the lead molecule OC000459 in moderate persistent asthma. This follows the successful completion of proof-of-concept studies in both asthma and allergic rhinitis, said Oxagen.

The funds will also be used to expand the therapeutic indications for CRTH2 antagonists using the lead molecule as well as back-up compounds.

The investment was led by Novartis Venture Funds, and joined by existing investors including MPM Capital, SV Life Sciences, Advent Ventures, Bessemer Venture Partners, Omega, Abingworth, IBT, Red Abbey and The Wellcome Trust. Anja Konig, managing director of Novartis Venture Funds, will join the Oxagen board of directors.

Mr Konig said: "We are looking forward to joining Oxagen in their exciting effort to deliver their first in class medicine to patients with asthma, a condition with significant unmet need. CRTH2 is a very promising new target in asthma and inflammation and Oxagen's lead compound has the potential to become a blockbuster."

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon

Related terms: asthma, clinical, health, medicine, respiratory