OxThera Raises Capital for Further Clinical Development of Oxabact(R)
STOCKHOLM, September 19, 2012 /PRNewswire/ --
OxThera AB has successfully raised MSEK 39 in a rights issue. The proceeds from the financing will enable OxThera to complete a new clinical study to confirm the positive effects of treatment with Oxabact® previously seen in patients with Primary Hyperoxaluria, a debilitating medical condition for which there is no effective treatment today.
"We appreciate the continued support from our shareholders, including HealthCap, Industrifonden and Q-Med, as well as their strong belief in Oxabact®", says Elisabeth Lindner, CEO of OxThera. "Our mapping of OxThera's previous scientific and clinical findings has resulted in an improved medical product that will support a regulatory filing for a confirmatory clinical trial later this year." Elisabeth Lindner continues.
OxThera holds proprietary rights to pharmaceutical preparations and their use for treatment of hyperoxaluria. Oxabact® is an oral product composed of highly concentrated freeze-dried live bacteria (Oxalobacter formigenes), administered in capsules. The drug is designed for delivery in the lower part of the small intestine, where enteric elimination of endogenous oxalate is initiated. OxThera is currently discussing a complete Oxabact® clinical development plan with regulatory agencies in the EU and in the US for the treatment of patients suffering from Primary Hyperoxaluria.
About primary hyperoxaluria
Primary hyperoxaluriais a rare inborn autosomal genetic disorder leading to markedly elevated levels of endogenous oxalate in plasma and urine. High levels of urinary oxalate cause kidney damage, including kidney stone formation and/or calcification of the kidney. If left untreated, the disease can cause kidney failure and premature death. There is a high medical need for effective treatments of Primary Hyperoxaluria. Currently, the only available cure is a combined liver and kidney transplantation.
OxThera estimates that there are about 2,000 patients with Primary Hyperoxaluria in the Western world. Oxabact® holds orphan drug designations in the EU and the US for the treatment of primary hyperoxaluria.
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 the prevention of oxalate malabsorption and recurring kidney stones in secondary hyperoxaluria.
For further information, please contact: Elisabeth Lindner, CEO of OxThera AB, Phone +46-8-660 0223
1. A division of Galderma.