Peroxitech Announces Closing of $25M Series A Financing to Develop Novel Treatment for Acute Lung Injury
Summary
The company will use the proceeds to build upon the preclinical work conducted through collaborative partnership and seed investment with the Xontogeny development team to advance the lead candidate, PIP-2, through IND-enabling studies and into clinical development.The data generated to date for PIP-2 represents a potential breakthrough in the prevention and treatment of ALI stated Thomas Han, Chief Executive Officer and Co-Founder of Peroxitech. We are pleased with the progress we have made through the Xontogeny seed investment and to expand upon our close partnership through this PXV Fund Series A approval so that we can bring this compelling program forward to patients as expeditiously as possible.Peroxitechs lead asset mechanism leverages the discovery of a novel signaling pathway, NOX2, related to the oxidative injury cascade, which has demonstrated broad protection and rescue in several preclinical models. These product characteristics could provide significant benefits in ALI and may have applications in other diseases.Peroxitech is well positioned with this unique mechanism, strong preclinical data, and a clear path forward to address the unmet needs in ALI/ARDs and become a transformative treatment option for patients, said Chris Garabedian, Portfolio Manager of the PXV Funds, Chief Executive Officer of Xontogeny. In addition to the first clinical indication, Peroxitech is also evaluating our lead compound for several high unmet need areas where oxidative injury signaling pathways are a major contributor to disease progression.Please visit our website for further information, www.peroxitech.comThe Perceptive Xontogeny Venture (PXV) Fund is Perceptive Advisors investment vehicle focused purely on early-stage, private venture investments in life sciences companies. Through a differentiated approach, the Xontogeny team partners with founding scientists and entrepreneurs to support their vision while allowing a more efficient development model that benefits company founders and early equity holders.