Eloxx Pharmaceuticals raises further $6m

drug development

Eloxx has expanded its Series C financing round to $30 million with an investment from Korean Investment Partners (KIP) and DSC Investment.  

Eloxx Pharmaceuticals has announced that it has raised $6 million from Korean Investment Partners (KIP) and DSC Investment expanding its series C financing round to $30 million. The financing round was led by Pontifax and with the participation of Catalyst CEL - Israeli Chinese fund, Quark Venture Inc. and GF Securities. Headquartered in Rehovot, Eloxx Pharmaceuticals is a clinical stage company developing first in class therapeutics to treat genetic diseases caused by non-sense mutations.

Eloxx's lead compound, ELX-02 has shown pharmacological, pharmacodynamic and physiological effects in several animal models of genetic disease cause by non-sense mutations including Cystic Fibrosis, Cystinosis, Duchene Muscular Dystrophy and Rett Syndrome.

Eloxx CEO Dr. Silvia Norman said, "“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 II 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."

Earlier this month, Eloxx merged with US company Sevion Therapeutics Inc. (OTCQB: SVON) and plans applying to have its shares listed on Nasdaq.

Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

drug development
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