Oxxon Pharmaccines™ Raises £15 Million in International Funding Round
Funds will drive clinical development of therapeutic vaccines for chronic infectious diseases and cancer
14 April 2003, Oxford (UK)…Oxxon Pharmaccines Ltd (Oxxon), a biotechnology company developing innovative immunotherapeutics, specifically therapeutic vaccines (pharmaccines), announced today that it has raised £15 million ($23 million) in a private financing round. The funds will drive Oxxon’s therapeutic vaccine clinical programmes in the areas of chronic infectious diseases and cancer.
An international syndicate of investors was led by Quester Capital Management (UK) and included Isis Capital (UK), NIF Ventures (Japan), Gray Ghost, LLC (US), and an institutional investor (US). Existing shareholders MVM (UK), Neomed Innovation ASA (Norway) and The Isis College Fund (UK) also committed further funds.
Dr Deirdre Gillespie, Oxxon’s CEO, said, “I am delighted to announce the completion of this financing round. We are now focused on driving our two therapeutic vaccine products to proof of clinical efficacy, and on broadening our pipeline. The funds will provide the resources necessary to achieve these milestones and to rapidly expand our clinical development and commercial capabilities.”
Oxxon Pharmaccines is a product-based company with a broadly applicable clinical technology that can rapidly generate a range of novel therapeutics. The technology, PrimeBoost, is a potent method of stimulating a patient’s own immune system to destroy infected or cancerous cells. The two-stage approach primes the immune system to recognise the target with one agent and then boosts this immune response with another. This generates strong immune responses and allows the development of products to treat existing conditions, unlike a conventional vaccine. Oxxon is developing products for the treatment of melanoma and hepatitis B. Both entered Phase II clinical trials in 2002.
Iain Wilcock, Director, Quester Capital Management, who will join Oxxon’s Board, said, “Oxxon combines world class technology with talented management and is an excellent example of the commercialisation of significant intellectual property originating from within Oxford University. In these difficult markets, we are delighted that the company has attracted a strong syndicate and closed one of the largest biotechnology financings this year. Quester’s resources will be actively involved in the development of the business in the future.”
Deirdre Gillespie added, “The fundraising is strong validation of our progress since our last financing and, in attracting investors from a broad geographical range, Oxxon has added experience and networks that can be drawn on to further our international development.”
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For further information, please contact:
Oxxon Pharmaccines
Dr Deirdre Gillespie, MD, CEO
Tel: +44 1865 405 135
HCC De Facto Group plc
Chris Gardner, Associate Director
Tel: +44 207 496 3300
Notes to Editors
Oxxon Pharmaccines
Oxxon Pharmaccines is a biotechnology company focused on the development of immunotherapeutic product candidates (pharmaccines) based on its proprietary PrimeBoost technology. The Company currently has a melanoma product and a hepatitis B product in Phase II clinical trials. Clinical trials using Oxxon’s PrimeBoost for preventative vaccines include malaria and HIV, in Phase II, and TB, in Phase I, and are being driven by Oxxon’s founding collaborators. For more information please see www.oxxonpharmaccines.com |
