LYON, FRANCE--(Marketwire - July 08, 2010) - Poxel S.A. / Poxel Raises EUR16 million in a
Series A Financing to Accelerate Pipeline Development processed and
transmitted by Hugin AS. The issuer is solely responsible for the content
of this announcement.
Lyon, France, July 8, 2010 - Poxel SA, a diabetes drug development
specialist,
announces today that it has raised EUR16 million (USD 19.7 million) in a
Series A
round. Poxel is a spin off from Merck Serono. The financing round was
led by
Edmond de Rothschild Investment Partners (EdRIP); other investors
in the
financing are InnoBio fund, managed by CDC Entreprises within FSI
France
Investment program and Crédit Agricole Private Equity. A significant
part of the
funds will be used to rapidly advance the company's Iead program,
Imeglimin, an
oxidative phosphorylation inhibitor, to treat Type 2 diabetes.
Imeglimin is a first-in-class oral anti-diabetic that has demonstrated
efficacy
and safety in diabetic patients in two Phase IIa trials. Imeglimin is
being
developed in monotherapy and in combination with key treatments.
Imeglimin has
an innovative mode of action that targets the three key defects of
Type 2
diabetes, inhibiting hepatic gluconeogenesis, increasing muscle glucose
uptake
and restoring normal insulin secretion. Poxel has five further
promising
anti-diabetic programs in early development. These also include a new
class of
direct AMPK activators close to preclinical development stage.
"This substantial funding is very encouraging and is a real testimony
to the
potential of our company", said Thomas Kuhn, CEO at Poxel. "This financing
will
help us advance our product pipeline and specifically demonstrate
Imeglimin's
clinical potential, both as monotherapy and in combination."
In line with the financing, four new members have joined Poxel's
board of
directors: Thierry Hercend, MD, PhD, and Chairman of the Board;
Raphaël
Wisniewski, Partner at EdRIP; Olivier Martinez, PhD, Investment Manager
at the
InnoBio Fund and Bruno Montanari, Investment Manager at Crédit
Agricole Private
Equity.
Mr. Thierry Hercend, MD, PhD and Chairman of the board, said: "I am
pleased to
work with such an entrepreneurial team as well as with this group of
reputable
investors. I am convinced that the products in development at Poxel
have the
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
strong
syndicate to support this promising spin-off that addresses major public
health
problems through innovative products."
Mr. Thibaut Roulon, Investment Officer at CDC Entreprises, commented: "With
this
third investment by InnoBio, we are glad to finance a very promising
spin-off
with a strong pipeline of innovative anti-diabetic drugs. This first
investment
in a Series A round also demonstrates our willingness to support earlier
stage
companies, which is shared by InnoBio's subscribers".
Mr. Bruno Montanari, Investment Manager at Crédit Agricole
Private Equity,
added: "Poxel's founders have a deep understanding of their assets
and the
diabetes field. We are delighted to be part of a strong syndicate which
will
support the company in delivering promising results".
About Type 2 Diabetes
Type 2 diabetes is defined by a failure of sensitive tissues to
respond to
insulin, a hormone involved in glucose and fatty acid metabolism. The
World
Health Organization (WHO) estimates that Type 2 diabetes comprises
90% of
diabetic patients worldwide. There are increasing reports of children
developing
Type 2 diabetes, which mainly occurs after the age of 40 years.
The International Diabetes Federation estimates that in 2009, 285 million
people
around the world have diabetes. This total is expected to rise to 438
million
within 20 years. Each year a further 7 million people develop
diabetes. The
current market is dominated by few product classes and significant unmet
needs
remain for both physicians and patients.
About Poxel SA
Poxel, founded in 2009 is a biopharmaceutical company developing
innovative
first-in-class drugs with a primary focus on Type 2 diabetes. The company
will
develop drug candidates to clinical proof of concept before partnering
with
pharmaceutical partners. Poxel was spun out from Merck Serono a
division of
Merck KGaA, Germany. Poxel now operates completely independently as a
lean
organization with strong in-house drug development expertise.
Imeglimin, an oxidative phosphorylation inhibitor, is a first in a new
class or
oral anti-diabetic treatments, the Glimins. Imeglimin is delivering
promising
clinical results and has the potential to become the leading second
line
treatment for Type 2 diabetes either as a monotherapy or in combination
with
other treatments. Imeglimin acts on three main target organs involved in
glucose
homeostasis: the liver, muscle, and the pancreas.
Imeglimin benefits from strong differentiation and clear competitive
advantages
against current Type 2 diabetes treatments due to its efficacy profile
and its
strongly enhanced benefit/risk ratio.
Direct AMPK activators developed at Poxel represent a major breakthrough in
Type
2 diabetes treatment as they tackle both hyperglycemia and hyperlipidemia.
None
direct AMPK activators are currently on the market. Poxel's AMPK
activators are
oral drugs close to the preclinical candidate stage.
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners (EdRIP) is dedicated
to
minority investments in privately-owned companies. Currently, EdRIP has 800
Million Euro under management which is being invested primarily as life
sciences
venture capital and growth capital. Its life science team of seven
professionals
has over 90 years of cumulated experience in the life science industry and
has a
proven track record in biotechnology and medical technology investments.
The
team has approximately 270 Million Euro under management and recently
raised
155 Million Euro in the BioDiscovery 3 fund. EdRIP is part of the group La
Compagnie Financière Edmond de Rothschild, Paris, France. For more
information,
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
international
pharmaceutical companies established in France, such as sanofi-aventis,
GSK,
Roche, Novartis, Pfizer, Lilly, Ipsen, Takeda and Boehringer Ingelheim. The
main
objective of the fund is to make direct equity and quasi-equity investments
in
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
market
regulator, the AMF, and a wholly-owned subsidiary of the Caisse des
Dépôts. It
makes direct and indirect investments in companies, on a national or
regional
level, ranging from technology seed funding to small company transmissions.
CDC Entreprises manages the investments of the FSI, of the Caisse des
Dépôts
(now its second largest subscriber) and other public and private
institutions
investing in small and medium-size French Businesses. Its mission
is to
encourage the emergence of companies enjoying solid and lasting
growth by
strengthening their equity capital. Via 180 associated French funds,
CDC
Entreprises holds more than 2,500 companies in its portfolio.
The FSI (Fonds Stratégique d'Investissement) is a limited
responsibility company
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
with
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
subsidiary
of Crédit Agricole, specialising in direct private-equity investment
in
non-listed companies. As multi-specialist player, Crédit Agricole
Private
Equity's team of 95 professionals manages EUR3 billion with specific
expertise in
LBO & Expansion, Venture Capital, Mezzanine, Co-Investment, Renewable
Energy and
PPP Infrastructure. The 12-strong venture capital team manages EUR470
million
through FCPIs invested in young companies with high growth potential in 2
sectors: information technology and life sciences. Crédit Agricole
Private
Equity has signed up to the United Nations' Principles for Responsible
Investment (PRI). As committed shareholder, Crédit Agricole Private
Equity
provides the best possible support for businesses and delivers sustainable
performance to its investors.
www.ca-privateequity.com
Press contacts
Poxel SA
Mr. Thomas Kuhn, CEO
Phone: +33 4 37 37 20 10
Email: thomas.kuhn@poxelpharma.com
MC Services AG Munich
Mr. Raimund Gabriel
Phone: +49 89 2102 280
Email: raimund.gabriel@mc-services.eu
Mrs. Pascale Malgouyres
Business Development Director
Phone: +33 4 37 37 20 10
Email: pascale.malgouyres@poxelpharma.com
Edmond de Rothschild Investment Partners
Mr. Raphaël Wisniewski
Phone: +33 1 40 17 27 69
Email: raphael.wisniewski@lcfr.fr
CDC Entreprises & InnoBio
Mrs. Nathalie Police
Phone: +33 1 58 50 73 02
Email: nathalie.police@cdcentreprises.fr
Crédit Agricole Private Equity
Mrs. Martine Sessin Caracci
Phone: +33 1 43 23 01 88
Email: martine.sessincaracci@ca-privateequity.fr
[HUG#1430279]
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Poxel S.A.
200 avenue Jean Jaurès Lyon France
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