OncoEthix Closes 18 Million CHF Series B Financing08.07.2013 10:23
OncoEthix, the Swiss-based specialist in oncology drug development, announces that it has closed a Series B financing raising 18 Million CHF (~US$19 Million). SV Life Sciences (SVLS) led the financing, joined by new investor Edmond de Rothschild Investment Partners. Existing investors including Index Ventures and Endeavour Vision also participated in the round.
The proceeds will be used to progress OncoEthix’ novel BET bromodomain inhibitor, OTX015, into Phase II proof of concept studies.
OTX015 is an orally administered synthetic small molecule which targets BET bromodomain proteins 2/3/4. The BET proteins are considered potential cancer targets because of their pivotal role in regulating the transcription of growth-promoting and cell cycle regulators, especially c-MYC. A two strata Phase 1 study in acute leukemia and other hematologic malignancies started in January 2013. Dr Esteban Cvitkovic, Founder and CSO of OncoEthix, said “this financing will help us fast forward and expand our preclinical pharmacological and clinical development programs, which are already proceeding very well.”
Bertrand Damour, CEO of OncoEthix, added “We are delighted and very fortunate to have attracted these world-class life sciences investors and we believe this financing will support an exciting next chapter in the development of OTX015.”
As a result of the investment, Dr Michael G Carter, Venture Partner with SVLS will join OncoEthix’ Board of Directors. In addition, Dr Thierry Hercend has been appointed as an independent expert to OncoEthix.
Commenting on their investment, Kate Bingham, Managing Partner at SVLS said: “OncoEthix is focused on developing first-in-class drugs that can improve and extend the lives of patients with neoplastic diseases. OTX015 has made excellent progress so far and we believe that it has the potential to be a very important new drug.”
Founded in 2009, OncoEthix is a Swiss based privately held biotechnology Company that is developing a small portfolio of oncology drug candidates.
OncoEthix has raised a total of 28 Million CHF (~US$30 Million) in venture capital to date: investors include Index Ventures, Endeavour Vision, SV Life Sciences and Edmond de Rothschild Investment Partners.