Genkyotex raises $26M in Series C round extension
Genkyotex, a Swiss developer of NOX inhibitors to treat oxygen-radical mediated diseases, has closed a $26 million extension to its Series C financing. Investors in the Series C round, including Eclosion, Edmond de Rothschild Investment Partners, Vesalius Biocapital Partners, MP Healthcare Venture, all participated in the financing extension.
Proceeds from the round will be used to advance clinical development of Genkyotex's lead compound, the NOX1/4 inhibitor GKT137831, through phase II development for the treatment of diabetic nephropathy and to progress pipeline molecules targeting different diseases. Results from initial single-dose phase Ia studies suggest that GKT137831 is safe and well tolerated. The ongoing multi-dose phase Ib study is expected to finish later this quarter.
"Since our last closing, Genkyotex has delivered on several important milestones, not least of which is producing initial first human data for our lead product GKT137831," said Ursula Ney, CEO of Genkyotex. "Meeting these milestones has ensured the continued support from our investors as illustrated by this large financing, which will fund the phase II in diabetic nephropathy, due to start towards the end of 2012."
Gilles Nobécourt, partner at Edmond de Rothschild Investment Partners, added, "With the start of clinical trials, Genkyotex has demonstrated its clear leadership position in the NOX field. We believe targeting NOX is very promising, with many potential therapeutic applications. Clinical evaluation of GKT137831 is the first step towards validating this entirely new class of therapeutic agents."