TxCell Raises EUR 12.4 Million (USD 16 million) in a Third Financing Round
News Nov 27, 2012
TxCell SA has announced that it raised EUR 12.4 million in a third financing round. This additional capital was provided by the InnoBio fund, managed by CDC Entreprises, for EUR six million and by TxCell’s existing shareholders Auriga Partners and Seventure Partners.
These additional financial resources will enable TxCell to pursue the development of its lead product candidate, Ovasave®.
Ovasave is an antigen-specific Treg cell-based immunotherapy for the treatment of Crohn’s disease in patients who are refractory to current treatments.
“The technology platform developed by TxCell offers a promising new therapeutic alternative for the many patients with severe chronic inflammatory diseases and who are refractory to current treatments,” said Laurent Arthaud, deputy CEO at CDC Entreprises.
Arthaud continued, “We are impressed by the innovative therapeutic approach and the encouraging positive clinical data obtained so far by TxCell. The company has a strong and experienced management team in place and capital injection will provide the necessary resources to confirm the clinical findings obtained so far and reach the next important development milestone.”
To date, TxCell has completed a first in man PhI/II clinical study carried out in France to evaluate the tolerability and efficacy of Ovasave.
The results showed good tolerance and a positive efficacy signal. This was particularly impressive in the best dose group with 75 per cent of patients treated responding.
The study results have just been published in Gastroenterology, the most prominent journal in the field of gastrointestinal diseases and featured in Nature Reviews Gastroenterology and Hepatology.
These promising results meant that TxCell decided to pursue the clinical development of Ovasave in the same patient population by performing a larger international blinded and placebo controlled phase IIb study.
“TxCell is now armed to move forward and to execute its business plan,” said Francois Meyer, chairman and chief executive officer at TxCell. “We value highly the support of InnoBio, as it acknowledges and validates our pioneering cell-based therapeutic approach for treating diseases with high unmet medical need. We also highly appreciate the continued support from our existing investors. This further investment gives us the necessary financial flexibility to progress as a leader in the emerging field of cell-based immunotherapies.”
TxCell has been funded by venture capital since 2004. A total of EUR 23.9 million has been invested in A/B rounds by five major investors, Auriga Partners, AXA Private Equity, CDC Entreprises via BioAm Fund, Innovation Capital and Seventure.