Israeli co Eloxx Pharmaceuticals raises $8m

drug development

The investment boosts the Rehovot based clinical stage therapeutics developer's Series C financing round to $38 million.

Israeli drug developer Eloxx Pharmaceuticals Ltd., announced today the closing of additional $8 million in financing led by LSP, a leading healthcare investor. The investment boosts the Rehovot based company's Series C financing $38 million. By raising this amount, Eloxx has finalized its Series C financing round. The other participants in the current Series C financing include: Pontifax VC, Dr. Phillip Frost, OPKO Health Inc. (NASDAQ: OPK), Quark, Catalyst, KIP, DSC Funds, and additional private investors.

Eloxx is a clinical stage company developing therapeutics for genetic diseases caused by non-sense mutations.

Eloxx CEO and cofounder Dr. Silvia Noiman said, "We are very pleased to have attracted an outstanding global syndicate of investors to participate in our Series C financing. The latest investment from LSP is a validation from one of the best life science funds in the world. With the funds from the Series C, we anticipate advancing our lead product candidate, ELX-02, into multiple Phase II studies later this year".

In June, 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 non-sense mutations. Dr. Noiman added, "This is a very exciting time for Eloxx, and we are thrilled with the continuing progress of ELX-02, a disease-modifying therapy that we believe can treat diverse devastating genetic diseases for which there are no effective treatments. In addition, we expect to close our acquisition agreement with Sevion with the goal of listing our shares for trading on Nasdaq."

In conjunction with the most recent financing, Martijn Kleijwegt, managing partner of LSP will join Eloxx Pharmaceuticals' Board of Directors. He said, "Eloxx is rapidly advancing a disruptive technology that may be able to transform how we treat genetic diseases. The Company is well-positioned to apply this technology across diverse indications, and we look forward to the further advancement of their programs."

Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2017

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

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