SAN DIEGO and REHOVOT, Israel, Aug. 2,
2017 /PRNewswire/ -- Sevion Therapeutics, Inc. (OTCQB:
SVON) and Eloxx Pharmaceuticals Ltd., a clinical stage company
developing therapeutics for genetic diseases caused by nonsense
mutations, announced today the closing of additional US$8
million investment in Eloxx Pharmaceuticals led by LSP, a leading
healthcare investor. The investment increases the total Series C
financing raised by Eloxx to a total of US$38 million. By raising this amount, Eloxx
finalized their Series C financing round.
The other participants in the current Series C financing
include: Pontifax VC, Dr. Phil
Frost, OPKO Health Inc. (NASDAQ: OPK), Quark, Catalyst, KIP,
DSC Funds, and additional private investors.
"We are very pleased to have attracted an outstanding global
syndicate of investors to participate in our Series C financing.
The latest investment from LSP is a validation from one of the best
life science funds in the world," said Eloxx's CEO and co-founder
Dr. Silvia Noiman. "With the funds
from the Series C, we anticipate advancing our lead product
candidate, ELX-02, into multiple Phase 2 studies later this
year".
On June 2, 2017, Sevion and Eloxx
announced the signing of a definitive agreement for an acquisition
transaction. Under the terms of the agreement, Eloxx will become a
wholly owned subsidiary of Sevion. Upon completion of the
transaction, Sevion will change its name to Eloxx Pharmaceuticals,
Inc. and intends to apply to have its shares listed for trading on
NASDAQ. Eloxx is planning to initiate multiple clinical studies for
ELX-02, its lead development candidate, and anticipates achieving
substantial clinical milestones over the course of 2017 and 2018,
particularly in the lead clinical programs in cystic fibrosis and
cystinosis patients carrying nonsense mutations.
Dr. Noiman added, "This is a very exciting time for Eloxx, and
we are thrilled with the continuing progress of ELX-02, a
disease-modifying therapy that we believe can treat diverse
devastating genetic diseases for which there are no effective
treatments. In addition, we expect to close our acquisition
agreement with Sevion with the goal of listing our shares for
trading on NASDAQ."
In conjunction with the most recent financing, Martijn
Kleijwegt, managing partner of LSP will join Eloxx Pharmaceuticals'
Board of Directors. Mr. Kleijwegt stated, "Eloxx is rapidly
advancing a disruptive technology that may be able to transform how
we treat genetic diseases. The Company is well-positioned to apply
this technology across diverse indications, and we look forward to
the further advancement of their programs."
About LSP
LSP is a leading independent European investment firm, providing
financing for private and public life-science companies. Since the
late 1980s, LSP's management has invested in a large number of
highly innovative enterprises, many of which have grown to become
leaders of the global life-science industry. With over $1 billion of investment capital raised to date
and offices in Amsterdam,
Munich and Boston, LSP is one of Europe's largest and most experienced
specialist life-science investors. For more information, please
visit www.lspvc.com.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals is a clinical stage company developing
first in class therapeutics for the treatment of genetic disease
caused by nonsense mutations. Eloxx was co-founded by Dr.
Silvia Noiman and Pontifax, a
leading VC in the Life Sciences arena. Approximately 3 - 4 percent
of newborns manifest a genetic disease or major birth defect, and
about 12 percent of all mutations reported are caused by nonsense
mutation. Nonsense mutations introduce premature stop codons in the
reading frame of a gene. When the mutated sequence is translated
into a problem, the resulting protein is incomplete and shorter
than normal. Consequently, most nonsense mutations result in
nonfunctional proteins. Nonsense mutations account for some of the
most severe phenotypes in genetic diseases and often have
devastating effects in critical target organs. ELX-02 is a
translation read-through inducing drug. Read-through therapy is a
treatment strategy for genetic diseases caused by nonsense
mutations to increase translation and restoring activity of the
mutated proteins.
About ELX-02
ELX-02 is a translation read-through inducing drug (TRID).
Read-through therapy is a treatment strategy for genetic diseases
caused by nonsense mutations to increase translation and restoring
activity of the mutated proteins. ELX-02 is a designer
aminoglycoside with unique pharmacological properties scaffold that
has been developed and optimized as a TRID through intensive
medicinal chemistry 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. Eloxx completed
a monocentric Phase 1a single-ascending-dose study in healthy adult
volunteers to characterize the safety, tolerability and PK of
ELX-02 and collect data to support additional multiple dose studies
in normal healthy volunteers and in selected patient
populations. Phase 1b multiple ascending dose study (MAD) in
healthy volunteers as well as 2 Phase 2 studies in Cystic Fibrosis
and Cystinosis patients carrying non-sense mutations will follow
this initial SAD study in ELX 02. Nonclinical studies demonstrated
that ELX-02 is a potent TRID in several models of genetic disease
caused by nonsense mutations. These models include Rett Syndrome,
Mucoplysaccharidose type I (MPS I-H), Cystic Fibrosis (CF), Duchene
Muscular Dystrophy (DMD) and Cystinosis. Comprehensive toxicology
program in accordance with the ICH guideline M3 (R2) was completed
for ELX-02 to support clinical studies.
About Sevion Therapeutics
Sevion Therapeutics (Company) is a biopharmaceutical company
building and developing a portfolio of innovative therapeutics,
from both internal discovery and acquisition, for the treatment of
cancer and immunological diseases. The Company's product candidates
are derived from multiple key proprietary technology platforms:
cell-based arrayed antibody discovery, ultra-long antibody
scaffolds and Chimerasome nanocages. Sevion has leveraged these
technologies to build a pipeline of innovative product candidates.
For more information, please visit SevionTherapeutics.com.
Forward-Looking Statements
Certain statements included in this press release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results could
differ materially from such statements expressed or implied herein
as a result of a variety of factors, including, but not limited to:
the Company's ability to continue as a going concern; the ability
of the Company to consummate additional financings; the development
of the Company's antibody technology; the approval of the Company's
patent applications; the Company's ability to successfully defend
its intellectual property or obtain the necessary licenses at a
cost acceptable to the Company, if at all; the successful
implementation of the Company's research and development programs
and collaborations; the success of the Company's license
agreements; the acceptance by the market of the Company's products;
the timing and success of the Company's preliminary studies,
preclinical research and clinical trials; competition and the
timing of projects and trends in future operating performance; and
the quotation of the Company's common stock on an over-the-counter
securities market, as well as other factors expressed from time to
time in the Company's periodic filings with the Securities and
Exchange Commission (the "SEC"). As a result, this press release
should be read in conjunction with the Company's periodic filings
with the SEC. The forward-looking statements contained herein are
made only as of the date of this press release, and the Company
undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
Contacts
Eloxx Pharmaceuticals
Silvia Noiman, PhD, MBA
CEO
Tel: +972-544-256978
Silvia@eloxxpharma.com
or
Sevion Therapeutics
James Schmidt
Tel: 858-909-0749
info@seviontherapeutics.com
or
Burns McClellan, on behalf of Eloxx
Ben Matone, Tel: 212-213-0006, ext.
364
bmatone@burnsmc.com
LSP
Martijn Kleijwegt
Managing Partner
Tel: +31206645500
Mkleijwegt@lspvc.com
Felice Verduyn-van Weegen
Associate
Tel:_+31206645500
Fverduyn@lspvc.com
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SOURCE Eloxx Pharmaceuticals