LYON, FRANCE--(Marketwire - July 08, 2010) - Poxel S.A. / Poxel Raises EUR16 million in a
Series A Financing to Accelerate Pipeline Development processed and
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Lyon, France, July 8, 2010 - Poxel SA, a diabetes drug development
announces today that it has raised EUR16 million (USD 19.7 million) in a
round. Poxel is a spin off from Merck Serono. The financing round was
Edmond de Rothschild Investment Partners (EdRIP); other investors
financing are InnoBio fund, managed by CDC Entreprises within FSI
Investment program and Crédit Agricole Private Equity. A significant
part of the
funds will be used to rapidly advance the company's Iead program,
oxidative phosphorylation inhibitor, to treat Type 2 diabetes.
Imeglimin is a first-in-class oral anti-diabetic that has demonstrated
and safety in diabetic patients in two Phase IIa trials. Imeglimin is
developed in monotherapy and in combination with key treatments.
an innovative mode of action that targets the three key defects of
diabetes, inhibiting hepatic gluconeogenesis, increasing muscle glucose
and restoring normal insulin secretion. Poxel has five further
anti-diabetic programs in early development. These also include a new
direct AMPK activators close to preclinical development stage.
"This substantial funding is very encouraging and is a real testimony
potential of our company", said Thomas Kuhn, CEO at Poxel. "This financing
help us advance our product pipeline and specifically demonstrate
clinical potential, both as monotherapy and in combination."
In line with the financing, four new members have joined Poxel's
directors: Thierry Hercend, MD, PhD, and Chairman of the Board;
Wisniewski, Partner at EdRIP; Olivier Martinez, PhD, Investment Manager
InnoBio Fund and Bruno Montanari, Investment Manager at Crédit
Mr. Thierry Hercend, MD, PhD and Chairman of the board, said: "I am
work with such an entrepreneurial team as well as with this group of
investors. I am convinced that the products in development at Poxel
potential to improve the treatment of Type 2 diabetes."
Mr. Raphaël Wisniewski, Partner at EdRIP, stated: "We are happy to
have led the
largest series A financing round in France since 2005 and assemble a
syndicate to support this promising spin-off that addresses major public
problems through innovative products."
Mr. Thibaut Roulon, Investment Officer at CDC Entreprises, commented: "With
third investment by InnoBio, we are glad to finance a very promising
with a strong pipeline of innovative anti-diabetic drugs. This first
in a Series A round also demonstrates our willingness to support earlier
companies, which is shared by InnoBio's subscribers".
Mr. Bruno Montanari, Investment Manager at Crédit Agricole
added: "Poxel's founders have a deep understanding of their assets
diabetes field. We are delighted to be part of a strong syndicate which
support the company in delivering promising results".
About Type 2 Diabetes
Type 2 diabetes is defined by a failure of sensitive tissues to
insulin, a hormone involved in glucose and fatty acid metabolism. The
Health Organization (WHO) estimates that Type 2 diabetes comprises
diabetic patients worldwide. There are increasing reports of children
Type 2 diabetes, which mainly occurs after the age of 40 years.
The International Diabetes Federation estimates that in 2009, 285 million
around the world have diabetes. This total is expected to rise to 438
within 20 years. Each year a further 7 million people develop
current market is dominated by few product classes and significant unmet
remain for both physicians and patients.
About Poxel SA
Poxel, founded in 2009 is a biopharmaceutical company developing
first-in-class drugs with a primary focus on Type 2 diabetes. The company
develop drug candidates to clinical proof of concept before partnering
pharmaceutical partners. Poxel was spun out from Merck Serono a
Merck KGaA, Germany. Poxel now operates completely independently as a
organization with strong in-house drug development expertise.
Imeglimin, an oxidative phosphorylation inhibitor, is a first in a new
oral anti-diabetic treatments, the Glimins. Imeglimin is delivering
clinical results and has the potential to become the leading second
treatment for Type 2 diabetes either as a monotherapy or in combination
other treatments. Imeglimin acts on three main target organs involved in
homeostasis: the liver, muscle, and the pancreas.
Imeglimin benefits from strong differentiation and clear competitive
against current Type 2 diabetes treatments due to its efficacy profile
strongly enhanced benefit/risk ratio.
Direct AMPK activators developed at Poxel represent a major breakthrough in
2 diabetes treatment as they tackle both hyperglycemia and hyperlipidemia.
direct AMPK activators are currently on the market. Poxel's AMPK
oral drugs close to the preclinical candidate stage.
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners (EdRIP) is dedicated
minority investments in privately-owned companies. Currently, EdRIP has 800
Million Euro under management which is being invested primarily as life
venture capital and growth capital. Its life science team of seven
has over 90 years of cumulated experience in the life science industry and
proven track record in biotechnology and medical technology investments.
team has approximately 270 Million Euro under management and recently
155 Million Euro in the BioDiscovery 3 fund. EdRIP is part of the group La
Compagnie Financière Edmond de Rothschild, Paris, France. For more
please visit www.edrip.fr.
About InnoBio fund
InnoBio is a French venture capital fund of EUR 139 Million, managed by CDC
Entreprises and for 37 per cent subscribed by the FSI and leading
pharmaceutical companies established in France, such as sanofi-aventis,
Roche, Novartis, Pfizer, Lilly, Ipsen, Takeda and Boehringer Ingelheim. The
objective of the fund is to make direct equity and quasi-equity investments
companies that provide innovative technology products and services in the
healthcare market. InnoBio's investor team, specialized in this sector and
headed by Laurent Arthaud, made its first investment in January 2010.
About CDC Entreprises and the FSI
CDC Entreprises is a management company authorized by France's financial
regulator, the AMF, and a wholly-owned subsidiary of the Caisse des
makes direct and indirect investments in companies, on a national or
level, ranging from technology seed funding to small company transmissions.
CDC Entreprises manages the investments of the FSI, of the Caisse des
(now its second largest subscriber) and other public and private
investing in small and medium-size French Businesses. Its mission
encourage the emergence of companies enjoying solid and lasting
strengthening their equity capital. Via 180 associated French funds,
Entreprises holds more than 2,500 companies in its portfolio.
The FSI (Fonds Stratégique d'Investissement) is a limited
owned 51 per cent by the Caisse des Dépôts and 49 per cent by
the French state.
It makes equity investments taking minority positions in French companies
projects that create value and enhance competitiveness of the economy.
InnoBIO is managed by CDC Entreprises
www.fonds-fsi.fr - www.cdcentreprises.fr - www.france-investissement.fr
About Crédit Agricole Private Equity
Crédit Agricole Private Equity is an AMF-accredited asset-management
of Crédit Agricole, specialising in direct private-equity investment
non-listed companies. As multi-specialist player, Crédit Agricole
Equity's team of 95 professionals manages EUR3 billion with specific
LBO & Expansion, Venture Capital, Mezzanine, Co-Investment, Renewable
PPP Infrastructure. The 12-strong venture capital team manages EUR470
through FCPIs invested in young companies with high growth potential in 2
sectors: information technology and life sciences. Crédit Agricole
Equity has signed up to the United Nations' Principles for Responsible
Investment (PRI). As committed shareholder, Crédit Agricole Private
provides the best possible support for businesses and delivers sustainable
performance to its investors.
Mr. Thomas Kuhn, CEO
Phone: +33 4 37 37 20 10
MC Services AG Munich
Mr. Raimund Gabriel
Phone: +49 89 2102 280
Mrs. Pascale Malgouyres
Business Development Director
Phone: +33 4 37 37 20 10
Edmond de Rothschild Investment Partners
Mr. Raphaël Wisniewski
Phone: +33 1 40 17 27 69
CDC Entreprises & InnoBio
Mrs. Nathalie Police
Phone: +33 1 58 50 73 02
Crédit Agricole Private Equity
Mrs. Martine Sessin Caracci
Phone: +33 1 43 23 01 88
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