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OncoEthix closes CHF18m series B financing

OncoEthix, the Swiss-based specialist in oncology drug development, has closed a series B financing raising CHF18m (USD19m). 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 leukaemia and other hematologic malignancies started in January 2013.
 
Bertrand Damour, chief executive of OncoEthix, says: “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.
 
Kate Bingham, managing partner at SVLS, says: “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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