Proceeds to fund the development of AXT107 for the treatment of retinal diseases through phase 1 / 2a clinical studies
Series A funding led by the Perceptive Xontogeny Venture Fund
BALTIMORE – (BUSINESS WIRE) – June 24, 2020 –
AsclepiX Therapeutics, Inc., a biopharmaceutical company that uses computer biology to identify potent peptide regulators of vascular homeostasis to treat retinal and other major diseases, announced today that it has closed $ 35 million in Series A funding from Perceptive Xontogeny Venture Fund ("PXV Fund") is managed. with the participation of the Perceptive Life Sciences Fund, both managed by Perceptive Advisors, and existing investors Rapha Capital Management and Barer & Son Capital.
Proceeds from the funding will fund phase 1 / 2a clinical trials with AXT107, the company's lead investigational drug, for the treatment of diabetic macular edema (DME), wet age-related macular degeneration (wet AMD) and macular edema as a result of retinal vein occlusion (RVO). AXT107 has a dual mechanism of action that targets vascular endothelial growth factor (VEGF) and Tie2, and has shown long-term durability and unique drug delivery properties that may offer an improved treatment option for patients.
"We are pleased to welcome Perceptive Advisors and their PXV funds to manage this funding and look forward to benefiting from their extensive expertise and track record in identifying promising new therapeutics to invest in," said Dr . Steven M. Altschuler, Chairman of the AsclepiX Board and former Chairman and Co-Founder of Spark Therapeutics. "This investment represents a turning point for AsclepiX and offers transformative support for our vision to revolutionize the treatment of retinal diseases and ultimately to use our computer technology platform to discover new types of clinically active molecules."
Currently available therapies that inhibit VEGF have revolutionized the management of retinal vascular disease, but they are indicated for repeated intravitreal injections every one to three months. This places a significant burden on treatment, and many patients end up receiving fewer than the recommended number of injections, which results in suboptimal visual results. It is even more important that part of the eyes do not achieve optimal visual results even if they receive anti-VEGF therapy at recommended intervals. If AXT107 is approved, the potential is to provide patients with first-class efficacy combined with convenient once-a-year dosing that could change the treatment of retinal diseases.
Theresa Heah, MD, Chief Medical Officer and EVP of Operations at AsclepiX, added: “We look forward to advancing our clinical program with AXT107 in three indications, wet AMD, DME and RVO, and expected to initiate clinical trials in the second half of 2020 . Our clinical development program for AXT107 with a new mode of action and a unique drug gel depot can lead to innovative new treatment options that enable long-term vision gains with a longer duration of action for the benefit of our patients and caregivers and create value by reducing the amount of treatment in favor of ophthalmologists and payers. "
“We see AsclepiX as a promising new technology and a leading candidate that has the potential to be the best in class in the treatment of retinal diseases. Our interest in investments was based on the robust and compelling data in animal models and their willingness to enter clinical development at short notice, ”said Chris Garabedian, manager of the PXV Fund for Perceptive Advisors and CEO of Xontogeny. "We are excited to lead this funding that we expect AXT107 to advance in key indications through three proof-of-concept studies and has the potential to improve existing therapies and offer innovative treatments to patients with retinal disorders."
AsclepiX was developed by Aleksander S. Popel, Ph.D. and Jordan J. Green, Ph.D. Kevin Slawin, MD, is headed by the Johns Hopkins University School of Medicine and is currently headed by the provisional chief executive officer, board director and founder of Rapha Capital Management, MD. This funding will also include Chris Garabedian, Manager, Member of the AsclepiX Board of Directors, PXV Fund, Perceptive Advisors and Ben Askew, Ph.D., Partner, R&D, Xontogeny.
About AsclepiX Therapeutics, Inc.
AsclepiX Therapeutics Inc. is a biopharmaceutical company that uses computer biology to identify effective peptide regulators of vascular homeostasis that are disrupted in retinal and oncological diseases. The novel clinical candidate peptides discovered by AsclepiX use these naturally existing self-regulatory mechanisms that have developed over millions of years and which the body uses to maintain homeostasis and thus restore and maintain health. AXT107, a investigational drug and the leading clinical candidate, has a unique mechanism of action that targets two clinically proven pathways of retinal disease. AXT107 is expected to enter the clinic in late 2020. For more information, see www.asclepix.com.
AXT107 is a candidate drug that has the potential to be a premium monotherapy that inhibits VEGF-A and VEGF-C and activates Tie2 to treat diabetic macular edema (DME) and wet age-related macular degeneration (DME) wet AMD) and macular edema as a result of Retinal vein occlusion (RVO). AXT107 emerged from AsclepiX's computational biological discovery platform and is based on a cryptic peptide in collagen IV that activates naturally existing homeostatic mechanisms of angiogenesis. Due to its long half-life and intravitreal gel formation, AXT107 may not be administered in more than one intravitreal injection per year, which could drastically reduce the treatment burden associated with standard therapies. AXT 107 is expected to participate in human clinical trials in late 2020.
About the Perceptive Xontogeny Venture Fund
The Perceptive Xontogeny Venture Fund (PXV Fund), founded in 2018, focuses exclusively on private investments in early life science companies. A major source of investment for the PXV Fund is companies founded, incubated and / or actively managed by Xontogeny, a life science accelerator that provides experienced operational support to successfully and efficiently advance early-stage companies. The PXV Fund is a subsidiary of Perceptive Advisors, a 1999 New York City investment management company focused on helping the advancement of the life sciences industry by identifying opportunities and providing financial resources for the most promising healthcare technologies. For more information on Perceptive, see www.perceptivelife.com.
AsclepiX Therapeutics: Julia Balanova, email@example.com 646-378-2936
LaVoieHealthScience: Emmie Twombly, firstname.lastname@example.org 857-389-6042