$35 million financing to fund AsclepiX Therapeutics clinical trials
AsclepiX Therapeutics closed $35 million in Series A financing to fund its upcoming clinical trials of AXT107 to treat various retinal diseases, according to a press release.
The funding was led by the Perceptive Xontogeny Venture Fund and joined by the Perceptive Life Sciences Fund, both managed by Perceptive Advisors. Existing investors included Rapha Capital Management and Barer & Son Capital.
The funds will finance phase 1/2a clinical trials of AXT107, the company’s lead investigational drug, for the treatment of diabetic macular edema, wet age-related macular degeneration and macular edema secondary to retinal vein occlusion. Preclinically, the drug has shown durability and unique delivery properties. The intravitreal therapy would offer patients once-a-year dosing, reducing treatment burden.
“Our clinical development program for AXT107, with a novel mechanism of action and a unique drug gel depot, may lead to innovative new treatment options, delivering sustained vision gains with extended duration of action, for the benefit of our patients and caregivers, and to create value by reducing treatment burden for the benefit of ophthalmologists and payers,” Theresa Heah, MD, AsclepiX chief medical officer and executive vice president of operations, said in the release.
The company expects to begin clinical trials in the second half of 2020.
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