Oxagen rounds up $26.7M in VC

With the help of Novartis Venture Funds, the UK's Oxagen Limited has landed £16 Million ($26.7 Million) in Series C financing. Oxagen is focused on advancing its CRTH2 antagonist program in inflammatory and respiratory diseases. The company's lead therapy is OC000459 in moderate persistent asthma; the funding will help the company complete an ongoing Phase IIb trial of the drug.

In additoin to Novartis Venture Funds, MPM Capital, SV Life Sciences, Advent Ventures, Bessemer Venture Partners, Omega, Abingworth, IBT, Red Abbey and The Wellcome Trust participated in the round.

"We are delighted to welcome Novartis Ventures as a new investor in Oxagen," said CEO Mark Payton. "We are excited by the potential shown to date by CRTH2 antagonists in general and by OC000459 in particular. This funding will allow us to both advance and broaden the therapeutic utility of our portfolio of molecules. We are delighted that this potential has been recognised both by our new lead investor, as well as by our strong base of existing investors."

- take a look at the release from Oxagen