SAN DIEGO and COPENHAGEN, Denmark, June 24, 2019 /PRNewswire/ -- AFYX Therapeutics, a clinical stage biopharmaceutical company developing innovative approaches to treat mucosal diseases, today announced the closing of a $13 million USD convertible loan financing. Sofinnova Ventures led the investment, with Novo Seeds and Lundbeckfonden Emerge also participating. Proceeds will be used to support the ongoing Phase 2b study of Rivelin®-CLO for the treatment of oral lichen planus, expansion of the Rivelin® platform into other mucosal diseases, and operational growth.
"The Rivelin platform has broad potential across a range of diseases affecting wet tissue such as the mouth, where existing topical treatments are ineffective," said Nishan de Silva, M.D., chief executive officer of AFYX Therapeutics. "We've made tremendous R&D and operational advancements over the past 18 months, having completed studies showing the utility of the Rivelin platform for the treatment of mucosal diseases, and now currently running a Phase 2b study to evaluate the clinical benefit of Rivelin-CLO in patients with oral lichen planus. We have a stellar syndicate of investors that has enabled us to achieve the technology proof of concept, and has now provided the capital resources to complete the Phase 2b clinical proof of concept."
AFYX Therapeutics has developed the Rivelin patch, a breakthrough technology for the treatment of mucosal diseases. Rivelin is designed to deliver a pharmaceutical drug uni-directionally to a mucosal surface using an occlusive, bioadhesive and biodegradable patch, with a long adhesion time and a high flexibility conforming to the mucosal surface. Rivelin-CLO, the first Rivelin product candidate, is being developed to treat the inflammatory disease oral lichen planus (OLP) through direct delivery of the drug clobetasol propionate.
About Oral Lichen Planus
Oral lichen planus (OLP) is a chronic inflammatory condition that affects the mucous surfaces of the oral cavity. OLP may appear as lesions in the mouth that may cause burning, pain and other discomfort. OLP requires regular monitoring given patients have increased risk of developing pre-cancerous cell changes including the development of mouth cancer. Despite affecting 1% of the population, no U.S. Food and Drug Administration (FDA) approved treatment exists, with today's off-label treatment ranging from topical corticosteroids to laser ablation.
About AFYX Therapeutics
AFYX Therapeutics is a clinical stage biopharmaceutical company focused on innovative approaches to treat mucosal diseases. AFYX Therapeutics' lead product candidate, Rivelin®-CLO patch, is currently in Phase 2b clinical development for the treatment of oral lichen planus (OLP), a chronic inflammatory disease that affects 1% of the population. The Rivelin patch technology is able to adhere to mucosal surfaces, such as the mouth, to provide continuous and targeted therapeutic delivery for diseases where topical and other treatment modalities have proven inadequate. Investors include Sofinnova Ventures, Lundbeckfonden Emerge, and Novo Seeds. For additional information, please visit www.afyxtx.com.
SOURCE AFYX Therapeutics