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news.Norway-based drug development company Lytix Biopharma has raised $10.4 million in funding. According to the company, the proceeds from the financing will be used to fund the early-stage clinical development of two novel drugs.
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Gunnar Saelid, CEO of Lytix Biopharma, said: “The company has made significant progress in 2008, initiating full preclinical development activities for two important projects. LTX-109 is a novel antimicrobial compound that is effective against a broad range of pathogens. In oncology, LTX-315 (oncopore) is a product aimed at the treatment of solid tumors, potentially in combination with existing therapies.
“Oncopore is currently in preclinical development and has proven efficacy across a range of 40 tumor cell lines, including lines resistant to established chemotherapy. Both LTX-109 and LTX-315 will enter the clinical phases during the latter half of 2009.”