NOXXON Pharma closes €33 million Series D round of financing

May 27 2010

NOXXON Pharma AG (NOXXON), a company focused on the development of mirror image oligonucleotide therapeutics called Spiegelmers^®, announced today the successful closing of a €33 million Series D round of financing. The round was led by new investor, NGN Capital, and joined by existing investors TVM Capital, Sofinnova Partners, Edmond de Rothschild Investment Partners, Seventure Partners, VC Fonds Technologie Berlin GmbH, Dow Venture Capital, FCP OP MEDICAL BioHealth-Trends, IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH, the Dieckell Group, and others.

The funds raised will be used primarily for the ongoing clinical and pre-clinical development of NOXXON´s lead products NOX-E36, NOX-A12, and NOX-H94 in the fields of diabetic complications, oncology and hematology. These products are high-potency inhibitors of their respective targets, generated with NOXXON's proprietary Spiegelmer^® technology. Spiegelmers^® are marked by their biostability and an extremely low potential for toxic or immunogenic side effects.

"This investment provides NOXXON with the funds to advance the clinical development of our three most advanced in-house programs without the need for additional external support. NGN´s decision to lead this round is a testament to the value of the Spiegelmer^® technology and the commercial potential of the development programs pursued by NOXXON." stated NOXXON's CEO Dr. Frank Morich.

Peter Johann, a Managing General Partner at NGN Capital, commented: "We are very excited about NOXXON's platform and the product opportunities which can be created from it. The Company and its experienced management team made significant progress over the last years bringing two Spiegelmers^® into the clinic and one more close to clinical development. With the funding NOXXON will be able to further clinically validate their technology and achieve clinical proof of efficacy with the lead compounds." Dr. Johann will join the Board of NOXXON.

Source NOXXON Pharma AG