Genkyotex, the leading developer of NOX inhibitors to treat
oxygen-radical mediated diseases, announced today the closing of a CHF25
million (USD26 million) extension to its Series C financing. Investors
in the Series C round, including Eclosion, Edmond de Rothschild
Investment Partners, Vesalius Biocapital Partners, MP Healthcare
Venture, all participated in the financing extension.
Proceeds from the round will be used to advance clinical development of
Genkyotex's lead compound, the NOX1/4 inhibitor GKT137831, through Phase
II development for the treatment of diabetic nephropathy and to progress
pipeline molecules targeting different diseases. Results from initial
single-dose Phase Ia studies suggest that GKT137831 is safe and well
tolerated. The ongoing multi-dose Phase Ib study is expected to finish
later this quarter.
"Since our last closing, Genkyotex has delivered on several important
milestones, not least of which is producing initial first human data for
our lead product GKT137831," stated Ursula Ney, Chief Executive Officer
of Genkyotex. "Meeting these milestones has ensured the continued
support from our investors as illustrated by this large financing, which
will fund the Phase II in diabetic nephropathy, due to start towards the
end of 2012."
"With the start of clinical trials, Genkyotex has demonstrated its clear
leadership position in the NOX field," said Gilles Nobécourt, Partner at
Edmond de Rothschild Investment Partners. "We believe targeting NOX is
very promising, with many potential therapeutic applications. Clinical
evaluation of GKT137831 is the first step towards validating this
entirely new class of therapeutic agents."
"As the founding investor in Genkyotex, we were convinced of the great
potential of the NOX inhibitor platform. This continued financial
support will allow the Genkyotex team to move into Phase II and help
deliver on the early promise," stated Jesús Martin-Garcia, Founder and
General Partner at Eclosion.