Eloxx Pharmaceuticals Ltd, a clinical stage company developing therapeutics for genetic diseases caused by nonsense mutations, raised an additional US$6m in Series C funding.
The investment increased the total amount raised in the round to US$30m.
The round, led by Dr. Phil Frost, OPKO Health Inc. (NASDAQ:OPK) and Pontifax, was part of the acquisition announced between Sevion Therapeutics, 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, and Eloxx. 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.
Led by CEO and co-founder Dr. Silvia Noiman, Eloxx Pharmaceuticals is a clinical stage company developing therapeutics for the treatment of genetic disease caused by nonsense mutations. The company is planning to initiate multiple clinical studies for ELX-02, a translation read-through inducing drug (TRID) and 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.