Avexxin AS has completed a series B round financing facilitated by Sparebank1 SMN Markets, Norway, with new investors joining existing stakeholders Sarsia Seed and Leiv Eiriksson Nyskaping
TRONDHEIM, Norway, November 12, 2012 /PRNewswire/ --
Avexxin AS, a company focusing on the development of novel small molecule therapeutics for patients suffering from chronic inflammatory conditions, announces the closure of a financing B round with new and existing shareholders.
Avexxin's lead project against psoriasis is expected to enter clinical trial phase I/IIa early 2013. The company also has pre-clinical development programs against rheumatoid arthritis and glomerulonephritis.
Avexxin's compounds target the group IVα phospholipase A2 (GIVαPLA2) enzyme, which regulates cytokine induced activation of the pro-inflammatory transcription factor nuclear factor-κB (NF-κB). This target has proven to play an important role in many chronic inflammatory disorders.
Mikael Oerum, CEO of Avexxin: "We are pleased that the company has received significant interest from new investors. The new funding will allow the completion of clinical Proof-of-Concept in psoriasis in the spring of 2013, and the advancement other programs in the company portfolio. Avexxin will over the next period be actively looking for partners for its psoriasis project and other programs."
SOURCE Avexxin AS