NormOxys, Inc., a Wellesley, MA-based biotechnology company developing a novel class of small molecule drugs which enhance the body’s ability to deliver oxygen to diseased tissues, has raised $17.5m in a Series B financing round.The financing was led by a new investor, Care Capital, LLC, with participation from existing venture investor Index Ventures. This new round brings the total capital raised by NormOxys to $30m.
The new funds will enable the company to advance its lead drug candidate, OXY111A, into clinical development in 2010 in two diseases, chronic heart failure and cancer, and complete clinical studies through proof-of-concept in both of these indications.
In oncology, NormOxys was recently granted clearance of an Investigational New Drug Application (IND) for OXY111A from the U.S. Food and Drug Administration (FDA). It is novel small molecule discovered from NormOxys’ proprietary platform for novel oxyren drugs which enhance oxygen delivery capacity so that diseased hypoxic tissues are brought to normal oxygenation levels.
In conjunction with this round, Dr. Karabelas will join the board of directors of the company, which is chaired by Jean-Pierre Garnier, Ph.D.
FinSMEs
24/05/2010