Swiss biotech Genkyotex has raised CHF20 million ($21 million) in a venture financing. The funding, led by NeoMed Management, will help advance its lead product GKT137831 through clinical phase 2 as well as advance other NOX inhibitors through development. While in this strong financial position, Genkyotex is considering an IPO later in 2015, if the markets remain open for biotech.
Genkyotex, the leading developer of selective NOX inhibitors, today announced the completion of a CHF 20 million ($21 million) Series D financing. Proceeds will be used to complete a Phase 2 trial of GKT137831 in diabetic nephropathy, advance a second drug into Phase 1 trials, and broaden the Company’s pipeline of NOX inhibitors.
“This financing ensures we can continue independent development of our lead drug GKT137831 through Phase 2 results and prepare for the next phase of trials,” said Dr. Ursula Ney, CEO of Genkyotex. “We are also now well positioned to advance other promising candidates into our NOX inhibitor pipeline.”
The Company expects to report top-line data from the Phase 2a study of its NOX1&4 inhibitor GKT137831 in mid-2015. Genkyotex’s NOX1&4 inhibitors have shown potential in difficult-to-treat fibrotic and inflammatory disorders of the kidney, liver, lung and skin.
The financing was led by NeoMed Management, who along with co-leads VI Partners and BioMedInvest are new investors in the Company. Major existing investors Edmond de Rothschild Investment Partners, Eclosion2 and Vesalius Biocapital Partners were also significant participants. Dr. Claudio Nessi of NeoMed will join Genkyotex’s Board.
Dr. Nessi said “We have been very impressed with the progress made by Genkyotex, particularly in the clinical development of GKT137831. Genkyotex’s NOX inhibitors are a truly novel drug class with potential across many therapeutic areas, providing us with a compelling case for investment.”
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