30 November 2016
OxThera raises EUR 32 million to complete development of Oxabact® for treatment of Primary hyperoxaluria
Stockholm – 29 November 2016 – OxThera AB, a Stockholm-based privately-held biopharmaceutical company, announces today that it has agreed on a EURO 32 million investment to complete the Oxabact® development program for treatment of Primary hyperoxaluria.
The investment round is co-led by Life Sciences Partners, Netherlands, Ysios Capital, Spain, Sunstone Capital, Denmark, and Flerie Invest, Sweden, in addition to current shareholders Kurma Partners, France, Idinvest Partners, France, Stiftelsen Industrifonden, Sweden, and Brohuvudet, Sweden.
This announcement bolsters OxThera’s position as a leader in developing therapies for Primary hyperoxaluria, a debilitating condition that, if untreated, leads to kidney damage and end-stage renal disease.
”We are happy to announce that we have successfully completed the financing for the Oxabact® Phase III pivotal study in Primary hyperoxaluria”, says Elisabeth Lindner, CEO of OxThera. “We are confident that Oxabact® will positively impact the lives of patients with this devastating disease ”, Elisabeth Lindner continues.
Oxabact® is an oral product, composed of highly concentrated freeze-dried live bacteria (Oxalobacter formigenes), designed for enteric elimination of plasma oxalate. A complete clinical development plan for Oxabact® has been presented in Protocol Assistance and End-of-Phase II meetings with EMA and FDA respectively.
Primary hyperoxaluria (PH) is a rare autosomal recessive disorder leading to markedly elevated levels of endogenous oxalate causing kidney deterioration and a gradual calcification of soft tissues. If left untreated, the disease can cause kidney failure and premature death. The high medical need of PH is unmet to date. Currently, the sole available cure is a combined transplantation of liver and kidneys.
Oxabact® holds orphan drug designations in the EU and the US for the treatment of PH, and in EU for treatment of Short Bowel Syndrome (SBS).
OxThera holds worldwide rights for compositions and methods of use for treatment of hyperoxaluria. OxThera currently has two products in its pipeline; Oxabact® for the treatment of Primary hyperoxaluria, and Oxazyme®, an oxalate decarboxylase, for treatment of dietary hyperoxaluria and prevention of kidney stones. www.oxthera.com
This research has received funding from the European Union´s Seventh Framework Programme managed by REA-Research Executive Agency http://ec.europa.eu/research/rea (FP7/2007-2013) under grant agreement no FP7-SME-2013, see http://www.elimox.se.