MONTREAL, Aug. 6, 2013 /PRNewswire/ - Ixchelsis Ltd and TVM Life Science
Ventures VII today announced the fund's second investment - Ixchelsis
Ltd, a start-up company based at Discovery Park, Sandwich, Kent, UK.
Ixchelsis plans to develop to proof-of-concept, IX-01, an
investigational compound, originally discovered at Pfizer's, Sandwich,
UK, R&D site, with the potential to treat the male sexual health
indication, premature ejaculation.
"Ixchelsis is delighted to have the opportunity to collaborate with the
TVM team and also to have selected Chorus, the early phase virtual drug
development arm of Eli Lilly and Company's Global External R&D
organization, to work with us in progressing IX-01 to clinical
proof-of-concept," said Gary Muirhead, CEO of Ixchelsis Ltd. He added,
"We also appreciate Pfizer's significant and sustained efforts to
provide Ixchelsis with the opportunity to potentially bring this
therapy to patients with this surprisingly common and distressing
"There is a significant need for new treatment options for premature
ejaculation, as there are currently no medicines approved by the Food
and Drug Administration to treat this recognized medical condition,"
said Francois Giuliano, M.D., an academic and clinical expert in male
sexual health. "As clinicians, we require medications with new
mechanisms of action to delay ejaculation. Oxytocin antagonists have
great potential and are especially deserving of further investigation."
"TVM is proud to have played an important role in helping the Ixchelsis
team secure the rights to IX-01 and this transaction is a testament to
the benefits of our investment model. Furthermore, we are pleased to
collaborate with a successful team of drug developers including former
Pfizer scientists, Ian Osterloh, MSc, MBBS, MRCP; Karl Gibson, Ph.D.
and Lizbeth Littlewood, BSc, who join Gary," said Luc Marengere, Ph.D.,
Managing Partner of TVM and board member of Ixchelsis Ltd. "Ixchelsis
is at the heart of TVM's strategy to develop an asset which addresses a
significant unmet medical need for up to 30 percent of the global adult
male population and which can have a major impact on the quality of
life for men and their partners."
This is the second investment for TVM Life Science Ventures VII, a
venture capital fund domiciled in Montreal QC, which follows a new
investment approach to developing pharmaceutical assets, in a capital
efficient fashion, to a human proof-of-concept in single asset
companies. TVM Life Science Ventures VII is a unique collaboration
between TVM and Lilly to finance and access innovation beyond the
company's walls and as a way to manage risk and share reward.
Ixchelsis Ltd. will leverage its extensive network in the male sexual
health sector and will collaborate with Lilly's Chorus to potentially
bring IX-01 to human proof-of-concept. If and when proof-of-concept is
reached, Lilly may have the option to acquire the molecule.
"Lilly's Capital Funds Portfolio has enabled us, together with other
investors, to create a valuable strategic partnership with TVM Life
Science Ventures VII and its fund managers," said Darren Carroll, vice
president of Lilly corporate business development. "TVM's strategic
relationship with Lilly enables its project focused companies, like
Ixchelsis, to reach clinical proof of concept efficiently and cost
"With the addition of Ixchelsis, we are pleased to have the second
project focused company as part of TVM Life Science Ventures VII, and
we expect to add several more in the near future," said Elaine
Sullivan, vice president of Lilly Global External R&D. "TVM Life
Science Ventures VII is an important part of our strategy as we strive
to identify innovative medicines that span multiple therapeutic areas
of great unmet need."
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About TVM Capital Life Science
TVM Capital Life Science is providing venture capital to the
international pharmaceutical, biopharmaceutical and medical technology
industries with more than 25-years of transatlantic investment track
record and in excess of US$1.1bn under management. The Life Science
Investment Group's mission is to invest in the development of exciting
early stage drug candidates and companies in the medical field that are
or aspire to be innovative leaders in their market segment. Since 1984,
TVM Capital Life Science made 117 investments in life science companies
in Europe and the United States and exited from 87 companies, including
42 initial public offerings on the NASDAQ, and the London, Frankfurt,
Zurich and Vienna Stock Exchanges and 25 trade sales and mergers. The
Life Science team combines long-standing international investment and
company building experience with their track record of dedicated board
work, extensive global networks in the world of life science research
and product development and a direct knowledge of the local markets.
TVM Capital Life Science currently invests from its 7th fund
generation, TVM Life Science Ventures VII, with an integrated team of
investment professionals based in Montreal and Munich.
More information: www.tvm-lifescience.ca; www.tvm-lifescience.com or twitter: @tvmcapital
This press release contains forward-looking statements about TVM Life
Science Ventures VII and Lilly's investment in a clinical stage
compound for a male sexual health indication being developed by
Ixchelsis, Ltd. It reflects Lilly's and TVM's current beliefs; however,
as with any such undertaking, there are substantial risks and
uncertainties in the process of drug development. There is no guarantee
Lilly will realize the expected benefits of the transaction, that the
product will receive regulatory approval, or if approved, would be
commercially successful. For further discussion of these and other
risks and uncertainties, please see Lilly's latest Forms 10-Q and 10-K
filed with the U.S. Securities and Exchange Commission. The companies
undertake no duty to update forward-looking statements.
About Ixchelsis Ltd
Ixchelsis Ltd is a clinical-stage biotechnology company developing an
oxytocin receptor antagonist (IX-01) for the treatment of premature
ejaculation (PE). IX-01 is a clinical stage asset that has the
potential to be the best in class pharmacological approach for the
treatment of PE. To date IX-01 has completed a Phase 1 single ascending
dose study in healthy male volunteers and is currently being progressed
through to clinical proof of concept (POC). Ixchelsis is funded by TVM
Life Sciences Ventures VII and is lead by an excellent Management team
with extensive experience in pharmaceutical R&D, particularly in the
male sexual health therapeutic area.
SOURCE TVM Capital