Oxagen Limited, a Milton Park, UK-based drug discovery and development company specializing in inflammation, completed a £16m ($26.7m) Series C round led by Novartis Venture Funds.
Existing investors including MPM Capital, SV Life Sciences, Advent Ventures, Bessemer Venture Partners, Omega, Abingworth, IBT, Red Abbey and The Wellcome Trust, participated in the round.
The proceeds will be used primarily to advance Oxagen’s CRTH2 antagonist programme in inflammatory and respiratory diseases. This will include the completion of an ongoing Phase IIb clinical study of the lead molecule OC000459 in moderate persistent asthma, the expansion of the therapeutic indications for CRTH2 antagonists using the lead molecule, as well as back-up compounds.
Anja König, Ph.D., Managing Director at Novartis Venture Funds will join the Oxagen Board of Directors.