OncoEthix the Swiss-based specialist in oncology drug development announces that it has closed a Series B financing raising 18 Million CHF (~US$19 Million). SV Life Sciences (SVLS) led the financing joined by new investor Edmond de Rothschild Investment Partners. Existing investors including Index Ventures and Endeavour Vision also participated in the round.
The proceeds will be used to progress OncoEthix' novel BET bromodomain inhibitor OTX015 into Phase II proof of concept studies.
OTX015 is an orally administered synthetic small molecule which targets BET bromodomain proteins 2/3/4. The BET proteins are considered potential cancer targets because of their pivotal role in regulating the transcription of growth-promoting and cell cycle regulators especially c-MYC. A two strata Phase 1 study in acute leukemia and other hematologic malignancies started in January 2013. Dr Esteban Cvitkovic Founder and CSO of OncoEthix said "this financing will help us fast forward and expand our preclinical pharmacological and clinical development programs which are already proceeding very well."
Bertrand Damour CEO of OncoEthix added "We are delighted and very fortunate to have attracted these world-class life sciences investors and we believe this financing will support an exciting next chapter in the development of OTX015."
As a result of the investment Dr Michael G Carter Venture Partner with SVLS will join OncoEthix' Board of Directors. In addition Dr Thierry Hercend has been appointed as an independent expert to OncoEthix.
Commenting on their investment Kate Bingham Managing Partner at SVLS said: "OncoEthix is focused on developing first-in-class drugs that can improve and extend the lives of patients with neoplastic diseases. OTX015 has made excellent progress so far and we believe that it has the potential to be a very important new drug."
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Founded in 2009 OncoEthix is a Swiss-based privately held biotechnology Company that is developing a small portfolio of oncology drug candidates. The Company's lead product OTX015 is an orally administered synthetic small molecule targeted to BET bromodomain proteins 2/3/4. OTX015 was in-licensed from Mitsubishi Tanabe Pharma Corporation in March 2012 following completion of Phase I clinical studies in healthy volunteers.
OncoEthix has raised a total of 28 Million CHF (~US$30 Million) in venture capital to date: investors include Index Ventures Endeavour Vision SV Life Sciences and Edmond de Rothschild Investment Partners.
For more information please see: www.oncoethix.com
About SV Life Sciences
SV Life Sciences is a leading international life sciences venture capital firm with five private venture capital funds with approximately $1.6 billion of capital under management. SVLS affiliated funds have been investing in life sciences companies since the early 1980s and the firm closed its first dedicated life sciences fund in 1994.
With a team of 31 professionals located in three offices – Boston San Francisco and London. The SV Life Sciences team combine leading venture capital expertise with deep domain expertise across the life sciences sector spanning hands-on operational management experience to scientific and clinical accomplishment. The SVLS team identifies investment opportunities structures and executing transactions actively working with portfolio companies on development and growth initiatives and achieving investment realizations. The firm employs a diversified strategy within life sciences in order to selectively capitalise on an expanding opportunity in biotech medical devices and health-care services.
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners is dedicated to minority investments into privately-owned companies. It currently has close to €1 billion under management which is being invested primarily as life sciences venture capital and growth capital.
Its Life Sciences Team of eight professionals brings together over 60 years of experience in the Life Science industry and more than 100 years of private equity and venture capital experience. The team has €360 million under management through its Biodiscovery franchise.
BioDiscovery Funds including BioDiscovery 4 are venture capital funds registered via the fast-track procedure. These funds are not authorized by the Autorité des Marchés Financiers and may adopt special investment rules. BioDiscovery 4 a Capital Venture Funds registered via the fast-track procedure invests mainly in private companies which involves specific risks such as a risk of capital loss a discretionary management risk and a liquidity risk.
Edmond de Rothschild Investment Partners is the private equity affiliate of the Edmond de Rothschild Group which is specialised in asset management and private banking (EUR 130bn under management 2900 employees and 30 offices throughout the world). Founded in 1953 the Group has been chaired since 1997 by Baron Benjamin de Rothschild.
About Index Ventures
Index Ventures is a leading global venture capital firm active in technology and biotechnology venture investing since 1996. In the life sciences field Index invests in companies with disruptive platform technologies capable of growing into global leaders. It has also pioneered the "asset-centric" investment model focused on investing in single assets with the potential to be first or best in class.
In March 2012 Index launched its first fund dedicated to life sciences. The $200 million fund includes investment from GlaxoSmithKline (GSK) and the venture capital affiliate of the Janssen pharmaceutical companies part of Johnson & Johnson.
About Endeavour Vision
Endeavour Vision combines a team of experienced venture capital professionals who have collectively invested in over 80 companies in 12 countries in both the Life Sciences and Information/Communication Technology sectors for the last 20 years. The firm invests in early and late stage companies which have the potential to become global leaders. For more information please visit www.endeavourvision.com.