Syntaxin Raises Â£16M to Advance Development of Novel Drug Pipeline
Syntaxin is delighted to announce that it has secured Â£16 million investment as part of Series B fundraising to help advance the biologics product pipeline towards clinical proof of the novel drugs' mechanism.
Syntaxin have raised Â£16 million in Series B funding
Syntaxin Ltd, a biopharmaceutical company developing novel biologic drugs that control cell secretion, today announces that it has raised Â£16 million in a Series B fundraising. The round was co-led by new investors SR One, the venture capital arm of GSK, one of the world's leading research-based pharmaceutical and healthcare companies, and LSP (Life Science Partners) with additional funds from Syntaxin's existing shareholders, Abingworth. New investors Johnson & Johnson Development Corporation (JJDC) and Quest for Growth also participated in the financing.
Syntaxin's novel biologic drugs will address unmet clinical needs in the treatment of pain, nervous, respiratory and metabolic disorders. Syntaxin's technology generates novel proteins that target selected cells, resulting in potent and sustained control of aberrant secretion of hormones or signalling molecules that contribute to disease. The funds raised will be used to advance the development of Syntaxin's biologics pipeline towards clinical proof of mechanism and reinforce its dominant technology position.
Dr Deborah Harland, General Partner at SR One, said: "Syntaxin's discovery platform provides a unique approach to the development of a new class of biopharmaceutical products with potential application across a broad range of indications. We are impressed by the progress made to date and look forward to working with Syntaxin's experienced and talented management team and our fellow investors to build a business of significant value."
Dr Rene Kuijten, General Partner at LSP, commented: "We are very excited to become a shareholder of Syntaxin especially because of the combination of a novel and commercially validated technology platform with an in-house pipeline of promising products."
Patrick Doyle, Chief Executive of Syntaxin, said: "To have secured a significant round of financing from a well respected group of life science investors is a real vote of confidence in our technology and programmes. We are now in an ideal position to advance our product candidates to the clinic and broaden the potential of our technology."
As a result of the investment Syntaxin's Board of Directors is now made up of: Andrew Sandham (Chairman), James Abell (Abingworth), Dr Deborah Harland (SR One), Dr Rene Kuijten (LSP), Zeev Zehavi (JJDC) and Patrick Doyle (Syntaxin).
Syntaxin recently moved to its laboratories at The Quadrant, Abingdon, near Oxford, having been founded at the Health Protection Agency at Porton Down. The HPA remain shareholders