Peroxitech Announces Closing of $25M Series A Financing to Develop Novel Treatment for Acute Lung Injury
– Proceeds to advance lead program into clinical development–
– Financing Led by Perceptive Xontogeny Venture Fund–
December 13, 2022 08:00 AM Eastern Standard Time
PHILADELPHIA–(BUSINESS WIRE)–Peroxitech Inc., an emerging biopharmaceutical company developing a novel peptide for treating acute lung injury (ALI), announced the successful completion of a Series A financing round of $25 million led by the Perceptive Xontogeny Venture Fund (“PXV Fund”). 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.”
Peroxitech’s 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. The Company’s novel peptide shows it can protect cells from injury and enables injured ones to recover to near normal levels. 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. “Perceptive Advisors is excited to announce this investment to extend our support for Peroxitech as they progress through IND-enabling studies to accelerate the path to clinical development. We are confident in the program design and strategic pathway developed to provide meaningful clinical data in patients.”
Peroxitech was seeded and incubated at Xontogeny in 2021 to advance the program through confirmatory preclinical efficacy studies and further optimize the CMC development. In addition to the lead program, the company has also secured additional grants from the National Institutes of Health (NIH) for follow-on indications and further pipeline development. Peroxitech is led by Thomas Han and co-founded by Sheldon Feinstein, Ph.D. and Aron Fisher, M.D. Chris Garabedian and Ben Askew, Ph.D., Xontogeny Chief Executive Officer and Xontogeny Partner, Research and Development, respectively, serve on the Board of Directors.
About Peroxitech
Peroxitech Inc. is a privately held biopharmaceutical company focused on the development and commercialization of a novel therapeutic for treatment of acute lung injury. The company was launched the University of Pennsylvania’s Penn Center for Innovation (PCI) Ventures and was seeded at 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.com
About Perceptive Xontogeny Venture Fund
The Perceptive Xontogeny Venture (PXV) Fund is Perceptive Advisors’ investment vehicle focused purely on early-stage, private venture investments in life sciences companies. Primary investments for the Fund include companies that are seeking a lead investor for Series A financings, which include both companies that are seeded and incubated at Xontogeny and companies that are seeded and incubated by other organizations, accelerators and investors. The PXV Fund is also open to participating in syndicated Series A financings as a co-lead or passive investor with other venture capital firms. For more information, visit www.perceptivelife.com.
About Xontogeny, LLC
Based in Boston, MA, Xontogeny seeks to accelerate the development of life science technologies by providing entrepreneurs with funding options as well as the leadership, strategic guidance and operational support necessary to increase the probability of success in early drug and technology development. 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. For more information visit www.xontogeny.com.
Contacts
Media Contact:
Rachel Hutman
Ford Hutman Media
[email protected]
+1 301-801-5540
Investor Contact:
Patrick Morrow, Director of Investor Relations & Marketing
Perceptive Advisors
[email protected]
+1 646-205-5344
- About the Author
- Latest Posts
BioBuzz is a community led, experience focused, biotech and life sciences media and events company. BioBuzz highlights regional breaking news, industry professionals, jobs, events, and resources for business and career growth. Their weekly newsletter is subscribed to by thousands in the BioHealth Capital Region and Greater Philadelphia as the go-to for industry updates.
