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news.NormOxys, a biotechnology company developing a class of small molecule drugs that enhance the body’s ability to deliver oxygen to diseased tissues, has raised $17.5m in a Series B financing round.
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The financing was led by investor, Care Capital, with participation from existing venture investor Index Ventures. The new round of financing brings the total capital raised by NormOxys to $30m.
Proceeds from the financing will enable NormOxys to advance its lead drug candidate, OXY111A, into clinical development in 2010 in two diseases, chronic heart failure and cancer, and complete clinical studies through proof-of-concept in both of these indications.
In oncology, NormOxys was recently granted clearance of an investigational new drug application (IND) for OXY111A from FDA. OXY111A is a small molecule discovered from NormOxys’ proprietary platform for oxyren drugs which enhance oxygen delivery capacity so that diseased hypoxic tissues are brought to normal oxygenation levels.
In connection with this financing, Argeris Karabelas, partner of Care Capital, will join the board of directors of NormOxys, which is chaired by Jean-Pierre Garnier.
Martin Tolar, CEO of NormOxys, said: “This successful financing validates our science and the tremendous potential of our new class of oxyren drugs, and allows us to move forward aggressively with advancing OXY111A into Phase 1 this Spring.
“This funding will also support completion of efficacy studies for OXY111A in patients with cardiovascular disease and cancer, development of additional clinical candidates and expansion of our platform, as well as execution of our business strategy.”
Mr Karabelas said: “We believe that oxyrens have the potential to revolutionize the treatment of a number of disorders and to deliver meaningful clinical benefit to patients. This round of financing will enable NormOxys to build upon the strong scientific platform of its founders and to test the validity of this science in the clinic.”