Lux Biosciences Raises $36 Million In Series A Financing
The company also announced that it had signed a worldwide license agreement with Isotechnika, Inc. (TSX: ISA - News) granting Lux exclusive worldwide rights to develop and commercialize Isotechnika's flagship Phase 3 product candidate ISA247, a next-generation calcineurin inhibitor, for the treatment and prophylaxis of all ophthalmic diseases. Lux plans to initially develop ISA247 as a treatment for uveitis, an inflammatory eye disease, but believes this compound offers a varied pipeline of product opportunities addressing important unmet medical needs within the ophthalmic field.
"We are very pleased to gain financing from these top venture investors and at the same time complete a major license agreement," said Ulrich Grau, Ph.D., president and chief executive officer of Lux Biosciences. "Funding from this outstanding group of investors validates the strength of the Lux business strategy, product pipeline and management team. It also provides resources for moving our late-stage product candidate, ISA247, into human pivotal studies by early 2007, and will further support the advancement of additional product programs addressing important medical needs in ophthalmology."
Lutz Giebel, Ph.D., general partner at SV Life Sciences, commented, "The ophthalmology market is poised for major growth, analogous to what has happened in recent years in the field of rheumatology, as greater understanding about inflammation and new therapeutics that address the underlying disease process become available. I and my co-investor colleagues of HBM and Novo A/S believe that Lux Biosciences is well positioned for success within that space as a company with late-stage product opportunities that offer relatively near term commercialization potential and are addressed to major under-served market needs. Moreover, Lux benefits from a management team with exceptional expertise in drug development generally, as well as specific experience within the ophthalmic space."
About ISA247
ISA247 is a next-generation calcineurin inhibitor. The molecule has been studied in a randomized, double-blind, placebo-controlled Phase 3 clinical trial in moderate to severe plaque psoriasis in which it demonstrated an excellent efficacy profile, coupled with what appears to be superior safety compared to other calcineurin inhibitors (e.g. tacrolimus or cyclosporine A). Thus, ISA has the potential to become the calcineurin inhibitor of choice. Calcineurin inhibitors are the mainstay of immunosuppressive regimens for organ transplantation and a variety of autoimmune diseases. Isotechnika is currently initiating additional Phase 3 trials in psoriasis and is conducting a phase 2b study for the prevention of rejection in solid organ transplantation. Lux initially plans to develop an oral form of ISA247 as a potential treatment for posterior, intermediate and panuveitis, a serious and potentially sight-threatening inflammatory disease of the eye. The company further believes that ISA247 has potential in several ophthalmic indications and as such represents a pipeline of product opportunities in the ophthalmic field.
Isotechnika and Lux are conducting a joint conference call and webcast regarding the alliance on ISA247at 9:00 a.m. EST/ 7:00 a.m. MT. The webcast may be accessed at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1497760.
For more information about Isotechnika and the development of ISA247 in non-ophthalmic indications please contact:
Dr. Randall Yatscoff Stephanie Gillis-Paulgaard President & CEO Director, Corporate Communications Isotechnika Inc. Isotechnika Inc. Phone: 780-487-1600 ext. 246 Phone: 780-909-4661 Fax: 780-484-4105 Fax: 780-484-4105 Email: Email: ryatscoff@isotechnika.com sgillis-paulgaard@isotechnika.com
About Lux Biosciences
Lux Biosciences is a privately held biotechnology company dedicated to the identification, optimization, development and commercialization of products for the treatment of ophthalmic diseases. The company's business strategy is characterized by:
A focus on compounds already marketed or with clinical proof of concept in non-ophthalmic indications that Lux will develop as unique, targeted therapies for corresponding ophthalmic diseases, with potentially greater efficacy and safety than existing treatments. A clinical stage portfolio of projects including a next-generation calcineurin inhibitor that has potential in several ophthalmic diseases and, as such, represents a pipeline of product opportunities. The initial one of these is planned to enter pivotal clinical testing by early 2007, and -- if successful -- Lux expects it will reach the market in 2009. This strategy is being implemented by an experienced, execution-oriented management team that combines a history of achievement in drug development and commercialization with deep insight and scientific expertise in the fields of immunology and ophthalmology.
More information on Lux Biosciences can be found at www.luxbio.com.
Contact: Lux Biosciences Ulrich Grau, Ph.D., 917-518-2875 (President and CEO) ulrich.grau@luxbio.com or Kureczka/Martin Associates Joan E. Kureczka, 415-821-2413 jkureczka@comcast.net
Source: Lux Biosciences