AsclepiX Therapeutics, Inc., announced that it has closed a $35 million Series A financing that will go towards funding Phase 1/2a clinical trials of AXT107, the Company’s lead investigational drug, for the treatment of diabetic macular edema (DME), wet age-related macular degeneration (wet AMD) and macular edema secondary to retinal vein occlusion (RVO).
AXT107 has a dual mechanism of action targeting vascular endothelial growth factor (VEGF) and Tie2 and has preclinically shown long durability and unique drug delivery properties that may offer an improved treatment option for patients. Currently available therapies that inhibit VEGF are indicated for repeated intravitreal injections every one to three months. This results in a significant treatment burden and many patients ultimately receive fewer than the recommended number of injections resulting in suboptimal visual outcomes. More importantly, a proportion of eyes fail to attain optimal visual outcomes even when receiving anti-VEGF therapy at recommended intervals. The potential for AXT107, if approved, is to provide patients with best-in-class efficacy coupled with convenient once-a-year dosing which could transform the treatment of retinal diseases.
“We see AsclepiX as having a highly promising novel technology and a lead candidate that holds the potential to be best-in-class in treating retinal diseases. Our interest in investing was based on the robust and compelling data in animal models and their readiness to move into clinical development in the near term,” said Chris Garabedian, Manager, PXV Fund for Perceptive Advisors and CEO of Xontogeny. “We are pleased to lead this financing which we expect will advance AXT107 through three proof-of-concept studies in key indications and has the potential to improve on existing therapies and bring innovative treatment to patients suffering from retinal diseases.”
The financing is led by Perceptive Xontogeny Venture Fund (“PXV Fund”) with participation from the Perceptive Life Sciences Fund, both funds managed by Perceptive Advisors, and existing investors Rapha Capital Management and Barer & Son Capital.
AsclepiX Therapeutics, Inc. is a biopharmaceutical company that uses computational biology to identify potent peptide regulators of vascular homeostasis for the treatment of retinal and other important diseases.
Full news release: https://asclepix.com/asclepix-therapeutics-announces-35-million-series-a-financing/
Source: AsclepiX Therapeutics