Norway's Lytix Biopharma has ginned a $10.4 million funding round that will be spent on early-stage drug development. Lytix was established in 2003 by a group of scientists in the country working in the field of lytic peptides. These lytic peptide drugs can be used to treat resistant bacterial and fungal infections as well as cancer.
"The company has made significant progress in the last year, initiating full preclinical development activities for two important projects," said CEO Gunnar Saelid. "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. In oncology, LTX-315 (Oncopore) is a product aimed at the treatment of solid tumors, potentially in combination with existing therapies. Oncopore is currently in preclinical development and has proven efficacy across a range of 40 tumor cell lines, including lines resistant to established chemotherapy. In vivo studies in syngeneic mice demonstrate a potential for a rapid induction of tumor necrosis, and a complete and stable tumor response mediated by the immune-system. Both LTX-109 and LTX-315 will enter the clinical phases during the latter half of 2009."
- check out the Lytix release [1]
ALSO: France's DBV Technologies has closed a €6 million investment with new investor ALK-Abello and returning investor Sofinnova Partners. DBV will use the cash for a Phase I clinical trials for its peanut allergy treatment. DBV release [2]
PLUS: Start-up Axikin Pharmaceuticals--a spin-off from Actimis Pharmaceuticals--announced a $3 million private placement of its Series A stock. The financing was led by Sanderling Ventures of San Mateo, California. Additional investors include Mitsui & Co. Venture Partners of New York. Axikin Release [3]
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