GenKyoTex raises CHF 18 million in a Series C Venture Financing to develop NOX enzyme inhibitors
GenKyoTex S.A. / GenKyoTex raises CHF 18 million in a Series C Venture Financing to develop NOX enzyme inhibitors . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Appoints New Management Team & Board
Geneva, Switzerland & Archamps, France, May 24, 2011 - GenKyoTex SA, the NOX enzyme specialist, announced today it has raised CHF18 million (US$20.4 million) in a Series C round led by Edmond de Rothschild Investment Partners (EdRIP). New investors in the company include Vesalius Biocapital Partners and MP Healthcare Venture Management. Existing investors, Eclosion, SEFTI SGAM and Fondation d'Aide aux Entreprises (FAE) also participated in the financing. Proceeds from the round will be used for the clinical development of the lead compound GKT137831 for the treatment of diabetic nephropathy and to advance other preclinical programmes.
GenKyoTex is developing first in class, small molecules that selectively inhibit the family of NOX enzymes. Nicotinamide-adenine dinucleotide phosphate (NADPH) oxidases - the NOX enzymes - exist in seven forms and produce reactive oxygen species (ROS). ROS can cause tissue damage and modify biological pathways that may be important in a number of pathologies including metabolic, cardiovascular, pulmonary and neurological diseases. GKT137831 is the leading NOX1/4 inhibitor and will enter Phase I trials later this year.
Simultaneously with the closing, GenKyoTex has appointed Ursula Ney, former COO at Antisoma and Director of Development at Celltech, as CEO. ''This is an exciting and critical time for GenKyoTex with the first compound ready to enter the clinic and the funding to support the development of these novel, first in class NOX inhibitors," she said. "I am looking forward to working with the team to fully explore the broad therapeutic potential of this approach.'' She is joined by new CMO, Philippe Wiesel, formerly a Medical Director for Serono in the US and Switzerland.
"This is an investment in a very promising pathway, where GenKyoTex is clearly positioned as a leader. We feel confident the new management team has all the expertise, knowledge and experience to take the company through the next stage of development and beyond," said Gilles Nobécourt, Partner of EdRIP. "This new field of NOX enzyme inhibition has great therapeutic and market potential in many difficult to treat diseases caused by the effects of ROS".
In combination with the financing, GenKyoTex has appointed new members to the board of directors. Ernest Loumaye CEO of PregLem is the new chairman of the board and is joined by Gilles Nobécourt of EDRIP and Stephan Verdood of Vesalius. Ursula Ney will join as executive director and Takahiro Mukahira of MP Healthcare Venture Management will participate as a board observer.
Jesus Martin-Garcia of Eclosion, and Professor Karl-Heinz Krause of the Faculty of Medicine & University Hospitals of Geneva, a founder of the company, will remain on the board, and Eric Viaud of SEFTI SGAM will become an observer. Jesus Martin-Garcia said ''I am delighted to see the potential of GenKyoTex's science and products supported by this new investment and look forward to working with our new Board members.''
GenKyoTex, was founded in 2006 by scientists from Switzerland, the USA and Japan following an academic collaboration to study Nicotinamide-adenine dinucleotide phosphate (NADPH) oxidases, also called NOX enzymes, and their effects on reactive oxygen species (ROS) production. Five isoforms of NOX have been identified (NOX1-5) and two analogues (DUOX 1 and 2). Today, GenKyoTex, with a headcount of 14, has developed a unique screening platform to identify selective, first in class, novel NOX inhibitors with the potential to treat disease areas with a high clinical need and large market potential. These include diabetes, cardiovascular, neurodegenerative and pulmonary diseases. The lead compound, GKT137831 is a selective NOX1/4 inhibitor that will enter Phase 1 trials later in 2011 and is targeted for the treatment of diabetic nephropathy. For further information please visit our Website: www.genkyotex.com.
|For further information:|
Dr. Ursula Ney|
CEO of GenKyoTex
Tel: +41 22 880 1025
Partner of EdRIP
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Source: GenKyoTex S.A. via Thomson Reuters ONE
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