Oxurion announced that is has agreed to a capital commitment of up to €30 Million with Paris-based financial institution Negma Group. Negma Group has committed to subscribe to up to €30 million in equity in tranches over a 12-month period through mandatory convertible bonds at Oxurion’s sole discretion.
Oxurion anticipates initial clinical data from its lead drug candidate THR-149 later this year. THR-149 is a plasma kallikrein inhibitor being developed as a potential new standard of care for diabetic macular edema (DME) patients, who respond sub-optimally to anti-VEGF therapy.
Oxurion also expects to initiate a phase 2 clinical trial with THR-687 in DME by mid-year. THR-687 is a pan-RGD integrin inhibitor that is being developed as a potential first line therapy for all DME patients. THR-687 also holds potential to deliver improved treatment outcomes for patients with wet age-related macular degeneration (wet AMD) and retinal vein occlusion (RVO).
“I am happy that we have been able to agree on this flexible financing agreement, which is under our control and can be exercised at our discretion,”Patrik De Haes, MD, CEO of Oxurion, said in a company news release. “Access to these funds will allow us to focus on progressing our two exciting novel and differentiated back of the eye drug candidates that are targeting potential market opportunities of over $12 billion, beyond key value inflection points in 2021 and 2022.”
“We are excited to collaborate with Oxurion. At Negma Group, we invest in people and have been very impressed by both the scientific rigor and clinical experience of the Oxurion team. We are proud to partner with this team while they advance two very distinct and innovative programs that have great potential to deliver much improved clinical outcomes to patients suffering from debilitating retinal vascular disorders such as DME, wet AMD and RVO,” says Sophie Villedieu, Equity Capital Market Associate of Negma Group.