GENEVA, SWITZERLAND, Leading developer of NOX inhibitors to treat oxygen-radical mediated diseases, announced today the closing of a CHF25 million ($26 million) extension to its Series C financing.
Genkyotex, the leading developer of NOX inhibitors to treat oxygen-radical mediated diseases, announced today the closing of a CHF25 million (USD26 million) extension to its Series C financing. Investors in the Series C round, including Eclosion, Edmond de Rothschild Investment Partners, Vesalius Biocapital Partners, MP Healthcare Venture, all participated in the financing extension.
Proceeds from the round will be used to advance clinical development of Genkyotex's lead compound, the NOX1/4 inhibitor GKT137831, through Phase II development for the treatment of diabetic nephropathy and to progress pipeline molecules targeting different diseases. Results from initial single-dose Phase Ia studies suggest that GKT137831 is safe and well tolerated. The ongoing multi-dose Phase Ib study is expected to finish later this quarter.
"Since our last closing, Genkyotex has delivered on several important milestones, not least of which is producing initial first human data for our lead product GKT137831," stated Ursula Ney, Chief Executive Officer of Genkyotex. "Meeting these milestones has ensured the continued support from our investors as illustrated by this large financing, which will fund the Phase II in diabetic nephropathy, due to start towards the end of 2012."
"With the start of clinical trials, Genkyotex has demonstrated its clear leadership position in the NOX field," said Gilles NobĂ©court, Partner at Edmond de Rothschild Investment Partners. "We believe targeting NOX is very promising, with many potential therapeutic applications. Clinical evaluation of GKT137831 is the first step towards validating this entirely new class of therapeutic agents."
"As the founding investor in Genkyotex, we were convinced of the great potential of the NOX inhibitor platform. This continued financial support will allow the Genkyotex team to move into Phase II and help deliver on the early promise," stated JesĂșs Martin-Garcia, Founder and General Partner at Eclosion.
Expansion of Management Team
Concurrent with the financing, Genkyotex has appointed Eric Meldrum, PhD, as Chief Scientific Officer. Eric joins Genkyotex with over 18 years of experience working in large pharmaceutical companies and biotech, specializing in discovery and preclinical drug development.
In addition, Alexandre Grassin has joined Genkyotex as finance director. Alexandre previously held positions in finance with Novartis and Alexion.
Genkyotex is developing first in class, small molecule therapeutics that specifically and selectively inhibit the NOX family of enzymes. Using a unique screening platform, Genkyotex has identified novel NOX inhibitors with the potential to treat disease areas with a high clinical need and large market potential. Genkyotex was founded in 2006 by scientists from Switzerland, the USA and Japan, with backing from Geneva incubator Eclosion. The Series C investment was led by Edmond de Rothschild Investment Partners and included Vesalius BioCapital and MP Healthcare Venture Management. Further information can be found at: www.genkyotex.com.