Eloxx Pharmaceuticals, an Israel-based developer of treatments for genetic diseases, has raised $30m in series C funding after closing a $6m extension from VC firms Korea Investment Partners and DSC Investments.
The round was co-led by medical diagnostics technology provider Opko Health, VC firm Pontifax and Phil Frost, who is chairman of Opko and a board member of biopharmaceutical firm Sevion Therapeutics.
Eloxx Pharmaceuticals is working on therapies for genetic diseases caused by nonsense mutations. Approximately 3% to 4% of newborns suffer from a genetic disease or major birth defect.
Eloxx’s technology is based on research conducted by professor Timor Bassov at Technion – Israel Institute of Technology. The company was co-founded by Pontifax and Silvia Noiman, venture partner at the firm, who also serves as chief executive of Eloxx.
The capital comes ahead of a planned reverse-merger by Eloxx with Sevion Therapeutics, following a definitive agreement between the two companies signed on June 2.
Under the terms of the agreement, Eloxx will become a wholly owned subsidiary of Sevion. Upon completion of the transaction, Sevion will change its name to Eloxx Pharmaceuticals, and then apply to have its shares listed for trading on Nasdaq.
In 2013, pharmaceutical firm Roche and Pontifax contributed to a series A round that closed at $8.5m, according to deals database PitchBook. Eloxx has not released details about other rounds.
– A version of this article first appeared on our sister site Global Corporate Venturing.
