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Eloxx Pharmaceuticals Receives a US$6 Million Investment from KIP and DCS to Advance a Novel Disease-Modifying Therapy Targeting Genetic Diseases Including Cystic Fibrosis
Eloxx Pharmaceuticals Receives a US$6 Million Investment from KIP and DCS to Advance a Novel Disease-Modifying Therapy Targeting Genetic Diseases Including Cystic Fibrosis.
About this update from Eloxx Pharmaceuticals, Inc.
[{"type":"text","content":"\n \n Today, Korea Investment Partners (KIP), DSC Investments, Sevion \n Therapeutics, Inc. (OTCQB:SVON) and Eloxx Pharmaceuticals Ltd, a \n clinical stage company developing therapeutics for genetic diseases \n caused by nonsense mutations, announce a US$6 million investment in \n Eloxx Pharmaceuticals. This investment increased the total series C fund \n raising to a US$30 million.\n \n \n The round was led by Dr. Phil Frost, OPKO Health Inc. (NASDAQ:OPK) and \n Pontifax, a leading VC in Life Sciences, and is part of the Acquisition \n Transaction announced between Sevion and Eloxx.\n \n \n On June 2, 2017, Sevion and Eloxx announced the signing of a definitive \n agreement for an acquisition transaction. Under the terms of the \n agreement, Eloxx will become a wholly owned subsidiary of Sevion. Upon \n completion of the transaction, Sevion will change its name to Eloxx \n Pharmaceuticals, Inc. and intends to apply to have its shares listed for \n trading on NASDAQ.\n \n \n Eloxx is planning to initiate multiple clinical studies for ELX-02, its \n lead development candidate, and anticipates achieving substantial \n clinical milestones over the course of 2017 and 2018, particularly in \n the lead clinical programs in cystic fibrosis and cystinosis patients \n carrying nonsense mutations.\n \n \n Yunjoon Kim, Executive Director at KIP, said, “We are thrilled to join \n OPKO, Dr. Phil Frost, Pontifax and others in this investment.” And Yohan \n Kim at DSC added, “We have full confidence in the company’s clinical \n programs and in the management team, led by CEO and co-founder Dr. \n Silvia Noiman.”\n \n \n “ELX-02 provides a unique opportunity to potentially be the first \n disease-modifying therapy to treat a set of devastating genetic \n diseases, caused by nonsense mutations for which there are no effective \n treatments. We welcome KIP/DSC as investors in this round of financing. \n This financing enables us to initiate multiple clinical studies for \n ELX-02 including phase 2 studies in Cystic Fibrosis and Cystinosis \n patients carrying nonsense mutations. In addition, the additional amount \n will provide Eloxx more clinical flexibility and we aim to test the drug \n in other indications,\" said Dr. Silvia Noiman, Chief Executive Officer \n of Eloxx Pharmaceuticals.\n \n \n \"ELX-02 has...