05/03/2007
NOXXON Pharma closes Series C Round at Euro 37 million
Berlin, Germany May 3, 2007 -- NOXXON Pharma AG (NOXXON), developer of mirror image oligonucleotide therapeutics termed Spiegelmers®, announced today the successful closing of a 37 million Euro (50 million US $) series C round of financing. The main new investors were TVM Capital, Sofinnova Partners, and Edmond de Rothschild Investment Partners, who are represented on the Board. They were joined by Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG (DEWB) as existing lead investor, FCP OP MEDICAL BioHealth-Trends (advised by Medical Strategy GmbH) and the Dieckell Group, as well as new investors Seventure Partners, Dow Venture Capital - a unit of The Dow Chemical Company -, IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH, VC Fonds Berlin GmbH, and others to provide the funding for the pre-clinical and clinical development of NOXXON’s lead products in kidney disease and ophthalmology.
“This impressive investment puts NOXXON in an excellent position to move our lead compounds NOX-E36 for the treatment of lupus nephritis and NOX-A12 for the treatment of diabetic retinopathy into the clinic and through clinical proof of concept”, stated NOXXON’s CEO and CSO Dr. Sven Klussmann. “We are excited to drive these projects to the next development phase and to demonstrate the potential of the Spiegelmer technology. We feel honored to have received such strong financial support from this elite group of investors and thank our existing and new investors for their trust and strategic input in the past and as we move forward.”
Dr. Axel Polack, General Partner of TVM Capital, commented, "Over the past years NOXXON has managed to mature and profile its powerful discovery technology, resulting in the identification of very promising therapeutic candidates. We are pleased to co-lead this financing and to partner with this high-quality group of investors and management team in guiding the company through its next phase of growth."
Denis Lucquin, Managing Partner at Sofinnova Partners added: “NOXXON is entering an important phase of corporate growth with its proprietary Spiegelmer technology that has the potential to become a major player in the next generation of therapeutics. We are delighted to be part of the team to support NOXXON’s strategic development and grow the tremendous therapeutic potential of Spiegelmers.”
NOXXON’s lead compounds NOX-E36 and NOX-A12 are high potency inhibitors that were generated with NOXXON’s proprietary Spiegelmer technology. A third Spiegelmer, NOX-B11, was licensed to Pfizer Inc in 2006 and is developed for the treatment of obesity. Spiegelmers are marked by their biostability and an extremely low potential for toxic or immunogenic side effects. The funds raised in this series C investment are allocated for the pre-clinical and clinical development of NOXXON’s lead products and to generate novel therapeutic leads in indications with unmet medical need.
