Funding will enable Bioxodes to continue clinical development of drug candidate for patients with intracerebral hemorrhage. Recruitment of first patient for phase IIa proof-of-concept clinical trial due before end of Q4, 2023
Bioxodes closes €12 million in Series A funding round
Funding will enable Bioxodes to continue clinical development of drug candidate for patients with intracerebral hemorrhage
Recruitment of first patient for phase IIa proof-of-concept clinical trial due before end of Q4, 2023
Gosselies, Belgium, November 21, 2023 – Bioxodes SA, a biopharmaceutical company specializing in the development of novel therapies for the prevention and treatment of thrombotic and inflammatory diseases, today announces €12 million ($13M) in a Series A funding from historic investors. This financial backing includes €8.6 million ($9.3M) in capital and €3.4 million ($3.7M) in non-dilutive funding from the Wallonia region. It comes on top of the €27 million ($29.2M) in capital and subsidies previously raised by Bioxodes, bringing to €39 million ($42.2M) the total funding secured by the company since its creation.
This new funding will allow Bioxodes to continue the clinical development of its main drug candidate, Ir-CPI, for patients with intracerebral hemorrhage (ICH), right through to the end of phase IIa. The company also intends to use the proceeds to pursue new preclinical R&D work into the effect of Ir-CPI on neutrophils, which are key components in the neuro-inflammatory process.
“We’re excited to embark on the next strategic phase for Bioxodes, which will enable us to generate clinical data around the safety and efficacy of our drug candidate for patients with intracerebral hemorrhage,” said Marc Dechamps, CEO at Bioxodes. “I want to thank our historic investors for their renewed support. Our aim now is to keep our clinical development program moving forward by launching plans for our phase IIb efficacy trial, which is scheduled for 2025. With this important milestone on the horizon, we are already preparing for a Series B funding round in Q2, 2024.”
“I am proud of this latest funding round for Bioxodes,” said Pierre Detrixhe, chairman of the board at Bioxodes. “The company’s drug candidate offers real potential for treating patients with intracerebral hemorrhage. The clinical data collected during the phase IIa trial will be vital in securing future funding for the business, notably for the upcoming phase IIb trial.”
“This latest funding round represents an important milestone in the clinical development of Ir-CPI. Currently there is no treatment available for patients following an intracerebral hemorrhage,” said Hans Warrinnier, chief medical officer at Bioxodes. “Our drug candidate answers a key unmet medical need identified by clinical experts in this indication. By generating clinical data around intracerebral hemorrhage, we are taking an important step forward in treating this condition.”
Strokes are currently the leading cause of disability and the second-leading cause of death worldwide. Data from 2022 indicates that the risk of someone suffering a stroke has increased by 50% in the last 20 years. It is now estimated that one in four people will experience a stroke at some point in their lifetime. Every year, more than 3.4 million people suffer an intracerebral hemorrhage, which equates to 28% of all stroke cases worldwide.
Legal adviser: Attorney at Law - Ms. Francine Messinne, CEW-Partners
Ir-CPI is a first-in-class drug candidate. Thanks to its unique mode of action, it prevents both the formation of unwanted blood clots and any increased risks of bleeding (action on factors XIa and XIIa). By inhibiting neutrophils activation, it also prevents the acute neuroinflammatory events associated with intracerebral hemorrhage. Derived from a tick’s saliva, this product could become the first injectable antithrombotic drug suitable for use in patients within the first 72 hours of intracerebral hemorrhage. The market for an injectable form of such a molecule, primarily for use in hospitals, is estimated to be worth more than one billion dollars per year.
Bioxodes specializes in the development of novel therapies for the prevention and treatment of thrombotic and inflammatory diseases. Since its founding in 2013, Bioxodes has developed its own flagship program based around its Ir-CPI molecule. Ir-CPI is a first-in-class drug candidate aimed at patients with thromboinflammatory disease. The company, which is based in Gosselies in Belgium, has so far secured €39 million in funding from Belgian investment funds and business angels, including €8.5 million in non-dilutive funding from the Wallonia region. Worldwide, Bioxodes holds both granted and pending patents associated with Ir-CPI.
Reportage on Canal Z
Watch the reportage on Canal Z following our financial milestone announcement (only in French)