Atox Bio Closes $30 Million Investment
Funds will support Phase 2 study of Reltecimod for Acute Kidney Injury; Phase 3 study of Reltecimod for Necrotizing Soft Tissue Infections ('flesh eating bacteria') ongoing
Dec 04, 2017, 01:00 ET
NESS ZIONA, Israel and CHAPEL HILL, North Carolina, December 4, 2017 /PRNewswire/ --
Atox Bio, a clinical stage biotechnology company developing novel therapies for critically ill patients, today announced that it has raised $30 million. The round was led by Arix Bioscience plc with participation from Adams Street Partners, Asahi Kasei Corporation and additional undisclosed investors. Existing investors SR One, OrbiMed, Lundbeckfonden Ventures, Becker and Integra Holdings also participated in the financing. In conjunction with the financing, Jonathan Tobin, PhD, MBA, Investment Manager at Arix Bioscience, and Terry Gould, Partner & Head of Venture/Growth Investments at Adams Street Partners, will join Atox Bio's board of directors.
Atox Bio will use the proceeds of the financing to advance the clinical development of Reltecimod, its lead product, into Acute Kidney Injury (AKI), a major unmet clinical need in critically ill patients with severe infections. Atox Bio plans to initiate a Phase 2 clinical study in this indication during 2018. Reltecimod is currently being studied in ACCUTE, a Phase 3 clinical study, in patients with Necrotizing Soft Tissue Infections (NSTI).
"We are excited to welcome such high-quality investors into our strong existing syndicate. The closing of this round, which was oversubscribed, reflects the significant achievements we have made to date in the development of Reltecimod," said Dan Teleman, Chief Executive Officer of Atox Bio. "Our new investors share Atox Bio's mission of developing therapies for serious, life threatening, conditions in the critical care setting where no other therapies exist."
"We are delighted to lead this financing round for Atox Bio," said Jonathan Tobin. "NSTI and AKI are critical unmet medical needs, and we look forward to supporting Atox Bio in developing potentially ground-breaking, valuable treatments for patients with these life threatening conditions."
Reltecimod (AB103) is a rationally designed peptide that binds to the CD28 co-stimulatory receptor and restores the host's appropriate immune response to severe infections. By modulating, but not inhibiting, the body's acute inflammatory response, Reltecimod is designed to help control the cytokine storm that could otherwise quickly lead to morbidity and mortality. Reltecimod received Orphan Drug status from the FDA and EMA as well as Fast Track designation.
The phase 3 ACCUTE (AB103 Clinical Composite endpoint StUdy in necrotizing soft Tissue infEctions) study is an ongoing randomized, placebo-controlled study, that plans to enroll 290 patients with NSTI at approximately 60 level 1 trauma sites in the US. Patients receive Reltecimod or placebo, administered as a single dose during or shortly after surgical debridement, in addition to standard of care treatment. The primary end point is a clinical composite that evaluates both the local and systemic components of this disease.
About Acute Kidney Injury
Acute Kidney Injury (AKI) involves inflammatory processes in the kidney which can lead to permanent reduction of kidney function and is also associated with an increased risk of death, extended hospitalization, and increased medical cost. AKI affects annually around 3 million patients in the US, Europe and Japan. There are currently no available therapies to treat AKI and the only treatment options are dialysis and supportive care.
About Necrotizing Soft Tissue Infections (NSTI)
NSTI, commonly referred to as 'flesh eating bacteria', represent the most severe types of infections involving the skin, skin structure and soft tissues. NSTIs progress rapidly and often result in significant tissue destruction and systemic disease leading to multiple organ dysfunction, failure and death. Currently, there are no approved treatments for NSTIs - the standard of care includes prompt and repeated surgical debridement, aggressive resuscitation and physiologic support, in addition to antibiotics.
About Atox Bio
Atox Bio is a late stage clinical biotechnology company that develops novel immune modulators for critically ill patients with severe infections. Atox Bio has an ongoing contract No. HHSO100201400013 with the Biomedical Advanced Research and Development Authority (BARDA) supporting the development of Reltecimod in NSTI. The Company was established by Prof. Raymond Kaempfer and Dr. Gila Arad from the Hebrew University of Jerusalem and Yissum. For additional information, visit http://www.atoxbio.com/.
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SOURCE Atox Bio
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