FreeOx Biotech, a Barcelona, Spain-based developer of a new class of neuroprotective drugs, closed its €500k first round of funding.
Backers included Montserrat Esteve and Francisco Javier Alsina.
Created in 2017 as a spin-out of Hospital Clinic Barcelona-IDIBAPS by Ángel Chamorro, Carlos Lurigados, Ángel Honrado, Tudor G. Jovin and Joan Bigorra, FreeOx Biotech has two promising molecules in its pipeline to treat stroke and other diseases of the central nervous system (CNS): Ox-01 and Ox-02.
Ox-01 is an innovative drug that eliminates the high toxicity of peroxynitrite in the brain and has been proven to prevent damage caused by reperfusion (endovenous thrombolysis or mechanical thrombectomy) after an ischaemic stroke. The next step is to begin phase III trials in international hospital centres, to later launch the product to market.
Ox-02 is a molecule resulting from the association of Ox-01 and citicoline, which is in the preclinical phase of development and will complement Ox-01 once it reaches the market.
The company intends to use the funds to carry out formulation and preclinical trials with in vivo testing on Ox-02 in order to determine safe dosage for the first testing in humans and assess the safety profile and to prepare to start phase III clinical trials on Ox-01, a drug candidate that has already proven to increase the number of patients with no side effects after a stroke.