{"id":7753,"date":"2017-08-02T10:58:14","date_gmt":"2017-08-02T10:58:14","guid":{"rendered":"http:\/\/www.kerentech.com\/?p=7753"},"modified":"2024-02-23T10:22:22","modified_gmt":"2024-02-23T10:22:22","slug":"our-client-eloxx-pharmaceuticals-secures-us8-million-investment-from-lsp","status":"publish","type":"post","link":"https:\/\/www.kerentech.com\/index.php\/2017\/08\/02\/our-client-eloxx-pharmaceuticals-secures-us8-million-investment-from-lsp\/","title":{"rendered":"Our client Eloxx Pharmaceuticals Secures US$8 Million Investment from LSP"},"content":{"rendered":"
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Eloxx Pharmaceuticals Secures US$8 Million Investment from LSP, Increasing Total Raised in Series C to US$38 million<\/h3>\n

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August 2, 2017<\/span><\/div>\n<\/div>\n
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Financing t<\/strong>o support advancement of novel disease-modifying therapy\u00a0targeting genetic diseases, including cystic fibrosis<\/strong><\/h6>\n

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SAN DIEGO and REHOVOT, Israel, Aug. 2, 2017 \/PRNewswire\/<\/strong> \u2014 Sevion\u00a0Therapeutics, Inc. (OTCQB: SVON) and Eloxx Pharmaceuticals Ltd., a clinical stage\u00a0company developing therapeutics for genetic diseases caused by nonsense\u00a0mutations, announced today the closing of additional US$8 million investment in Eloxx Pharmaceuticals led by LSP, a leading healthcare investor. The\u00a0investment increases the total Series C financing raised by Eloxx to a total of\u00a0US$38 million. By raising this amount, Eloxx finalized their Series C financing\u00a0round.<\/p>\n

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The other participants in the current Series C financing include: Pontifax VC, Dr.\u00a0Phil Frost, OPKO Health Inc. (NASDAQ: OPK), Quark, Catalyst, KIP, DSC Funds, and\u00a0additional private investors.<\/p>\n

\u201cWe are very pleased to have attracted an outstanding global syndicate of\u00a0investors to participate in our Series C financing. The latest investment from LSP\u00a0is a validation from one of the best life science funds in the world,\u201d said Eloxx\u2019s\u00a0CEO and co-founder Dr. Silvia Noiman. \u201cWith the funds from the Series C, we
\nanticipate advancing our lead product candidate, ELX-02, into multiple Phase 2\u00a0studies later this year\u201d.<\/p>\n

On June 2, 2017, Sevion and Eloxx announced the signing of a definitive\u00a0agreement for an acquisition transaction. Under the terms of the agreement,\u00a0Eloxx will become a wholly owned subsidiary of Sevion. Upon completion of the\u00a0transaction, Sevion will change its name to Eloxx Pharmaceuticals, Inc. and
\nintends to apply to have its shares listed for trading on NASDAQ. Eloxx is\u00a0planning to initiate multiple clinical studies for ELX-02, its lead development\u00a0candidate, and anticipates achieving substantial clinical milestones over the\u00a0course of 2017 and 2018, particularly in the lead clinical programs in cystic fibrosis\u00a0and cystinosis patients carrying nonsense mutations.<\/p>\n

Dr. Noiman added, \u201cThis is a very exciting time for Eloxx, and we are thrilled with\u00a0the continuing progress of ELX-02, a disease-modifying therapy that we believe\u00a0can treat diverse devastating genetic diseases for which there are no effective\u00a0treatments. In addition, we expect to close our acquisition agreement with\u00a0Sevion with the goal of listing our shares for trading on NASDAQ.\u201d<\/p>\n

In conjunction with the most recent financing, Martijn Kleijwegt, managing\u00a0partner of LSP will join Eloxx Pharmaceuticals\u2019 Board of Directors. Mr. Kleijwegt\u00a0stated, \u201cEloxx is rapidly advancing a disruptive technology that may be able to\u00a0transform how we treat genetic diseases. The Company is well-positioned to\u00a0apply this technology across diverse indications, and we look forward to the\u00a0further advancement of their programs.\u201d<\/p>\n

About LSP<\/strong>
\nLSP is a leading independent European investment firm, providing financing for\u00a0private and public life-science companies. Since the late 1980s, LSP\u2019s\u00a0management has invested in a large number of highly innovative enterprises,\u00a0many of which have grown to become leaders of the global life-science industry.
\nWith over $1 billion of investment capital raised to date and offices in\u00a0Amsterdam, Munich and Boston, LSP is one of Europe\u2019s largest and most\u00a0experienced specialist life-science investors.<\/p>\n

For more information, please visit\u00a0www.lspvc.com<\/a><\/p>\n

About Eloxx Pharmaceuticals<\/strong>
\nEloxx Pharmaceuticals is a clinical stage company developing first in class\u00a0therapeutics for the treatment of genetic disease caused by nonsense mutations.\u00a0Eloxx was co-founded by Dr. Silvia Noiman and Pontifax, a leading VC in the Life\u00a0Sciences arena. Approximately 3 \u2013 4 percent of newborns manifest a genetic\u00a0disease or major birth defect, and about 12 percent of all mutations reported are\u00a0caused by nonsense mutation. Nonsense mutations introduce premature stop\u00a0codons in the reading frame of a gene. When the mutated sequence is translated\u00a0into a problem, the resulting protein is incomplete and shorter than normal.\u00a0Consequently, most nonsense mutations result in nonfunctional proteins.
\nNonsense mutations account for some of the most severe phenotypes in genetic\u00a0diseases and often have devastating effects in critical target organs. ELX-02 is a\u00a0translation read-through inducing drug. Read-through therapy is a treatment\u00a0strategy for genetic diseases caused by nonsense mutations to increase
\ntranslation and restoring activity of the mutated proteins.<\/p>\n

About ELX-02<\/strong>
\nELX-02 is a translation read-through inducing drug (TRID). Read-through therapy\u00a0is a treatment strategy for genetic diseases caused by nonsense mutations to\u00a0increase translation and restoring activity of the mutated proteins. ELX-02 is a\u00a0designer aminoglycoside with unique pharmacological properties scaffold that\u00a0has been developed and optimized as a TRID through intensive medicinal\u00a0chemistry efforts over the past 10 years. Comprehensive preclinical testing of ELX-02 in rats and dogs and in mouse animal models of disease has been completed.\u00a0Eloxx completed a monocentric Phase 1a single-ascending-dose study in healthy adult volunteers to characterize the safety, tolerability and PK of ELX-02 and\u00a0collect data to support additional multiple dose studies in normal healthy\u00a0volunteers and in selected patient populations. Phase 1b multiple ascending dose\u00a0study (MAD) in healthy volunteers as well as 2 Phase 2 studies in Cystic Fibrosis\u00a0and Cystinosis patients carrying non-sense mutations will follow this initial SAD\u00a0study in ELX 02. Nonclinical studies demonstrated that ELX-02 is a potent TRID in\u00a0several models of genetic disease caused by nonsense mutations. These models\u00a0include Rett Syndrome, Mucoplysaccharidose type I (MPS I-H), Cystic Fibrosis (CF),\u00a0Duchene Muscular Dystrophy (DMD) and Cystinosis. Comprehensive toxicology\u00a0program in accordance with the ICH guideline M3 (R2) was completed for ELX-02\u00a0to support clinical studies.<\/p>\n

About Sevion Therapeutics<\/strong>
\nSevion Therapeutics (Company) is a biopharmaceutical company building and\u00a0developing a portfolio of innovative therapeutics, from both internal discovery\u00a0and acquisition, for the treatment of cancer and immunological diseases. The\u00a0Company\u2019s product candidates are derived from multiple key proprietary
\ntechnology platforms: cell-based arrayed antibody discovery, ultra-long antibody\u00a0scaffolds and Chimerasome nanocages. Sevion has leveraged these technologies\u00a0to build a pipeline of innovative product candidates.<\/p>\n

For more information,\u00a0please visit SevionTherapeutics.com<\/a><\/p>\n

Forward-Looking Statements<\/strong>
\nCertain statements included in this press release are forward-looking statements\u00a0within the meaning of the Private Securities Litigation Reform Act of 1995. Actual\u00a0results could differ materially from such statements expressed or implied herein\u00a0as a result of a variety of factors, including, but not limited to: the Company\u2019s\u00a0ability to continue as a going concern; the ability of the Company to\u00a0consummate additional financings; the development of the Company\u2019s antibody\u00a0technology; the approval of the Company\u2019s patent applications; the Company\u2019s\u00a0ability to successfully defend its intellectual property or obtain the necessary\u00a0licenses at a cost acceptable to the Company, if at all; the successful\u00a0implementation of the Company\u2019s research and development programs and\u00a0collaborations; the success of the Company\u2019s license agreements; the acceptance\u00a0by the market of the Company\u2019s products; the timing and success of the\u00a0Company\u2019s preliminary studies, preclinical research and clinical trials;\u00a0competition and the timing of projects and trends in future operating\u00a0performance; and the quotation of the Company\u2019s common stock on an overthe-counter securities market, as well as other factors expressed from time to\u00a0time in the Company\u2019s periodic filings with the Securities and Exchange\u00a0Commission (the \u201cSEC\u201d). As a result, this press release should be read in\u00a0conjunction with the Company\u2019s periodic filings with the SEC. The forward looking statements contained herein are made only as of the date of this press\u00a0release, and the Company undertakes no obligation to publicly update such\u00a0forward-looking statements to reflect subsequent events or circumstances.<\/p>\n

Contacts<\/strong>
\nEloxx Pharmaceuticals
\nSilvia Noiman, PhD, MBA
\nCEO
\nTel: +972-544-256978
\nSilvia@eloxxpharma.com<\/a><\/p>\n<\/div>\n<\/article>\n<\/section>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Eloxx Pharmaceuticals Secures US$8 Million Investment from LSP, Increasing Total Raised in Series C to US$38 million August 2, 2017 Financing to support advancement of novel disease-modifying therapy\u00a0targeting genetic diseases, including cystic fibrosis SAN DIEGO and REHOVOT, Israel, Aug. 2, 2017 \/PRNewswire\/ \u2014 Sevion\u00a0Therapeutics, Inc. (OTCQB: SVON) and Eloxx Pharmaceuticals Ltd., a clinical stage\u00a0company developing […]<\/p>\n","protected":false},"author":1,"featured_media":7910,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[7,9,10,11,12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/posts\/7753"}],"collection":[{"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/comments?post=7753"}],"version-history":[{"count":1,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/posts\/7753\/revisions"}],"predecessor-version":[{"id":7911,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/posts\/7753\/revisions\/7911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/media\/7910"}],"wp:attachment":[{"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/media?parent=7753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/categories?post=7753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kerentech.com\/index.php\/wp-json\/wp\/v2\/tags?post=7753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}