Closure of a successful funding round to a total value of 73 million NOK (US$ 10.4 million), proceeds of which will fund the early-stage clinical development of two novel drugs.
Lytix develops novel drugs for the treatment of resistant bacterial and fungal infections, as well as first-in-class oncology treatments. These therapeutic areas have a high unmet medical need, and Lytix is in a unique position to develop drugs that fulfill these needs. The Company was established in 2003 to commercialise world-class research in the field of lytic peptides spun out by the founding scientists working in the University Hospital and University of Tromsø in Norway.
According to Lytix Biopharma CEO Gunnar Sælid, “The Company has made significant progress in the last year, initiating full preclinical development activities for two important projects. LTX-109 is a novel antimicrobial compound that is effective against a broad range of pathogens. Indeed it is so effective, that although the initial formulation is for the treatment of skin infections, we envisage several other indications such as nail fungal infections, acne and oropharyngeal candidaisis. LTX-315 (OncoporeTM) is a product aimed at the treatment of solid tumours, potentially in combination with existing therapies. OncoporeTM is currently in preclinical development and has proven efficacy across a range of 40 tumour cell lines, including lines resistant to established chemotherapy. In vivo studies in syngeneic mice demonstrate a potential for a rapid induction of tumour necrosis, and a complete and stable tumour response mediated by the immune-system. Both LTX-109 and LTX-315 will enter the clinical phases during the latter half of 2009."
In order to capitalise on the commercial potential that lies in these development pipeline, Lytix has successfully raised working capital through a shares issue totalling 73 million NOK to fund the early-stage clinical development. Chairman of Lytix’ Board, Knut Eidissen, says. “We are truly excited to be involved with such innovative projects – if we are successful we can potentially cure some very sick patients and save lives. It goes without saying that the commercial upside is significant for a company like ours whom aim to outlicense rights and form joint-venture partnerships with larger pharmaceutical companies. The interest shown in our company, even in these turbulent financial times, further strengthens our belief in the value of our pipeline.”
For further information, contact:
Gunnar Sælid, CEO +47 911 92 330
Knut Eidissen, Chairman of the Board +47 77 06 63 00