Navigation Links
Lytix Closes USD 10.4 Million Funding Round

TROMS0, Norway, January 22 /PRNewswire/ -- The Scandinavian-based drug development company Lytix Biopharma today announced the closure of a successful funding round to a total value of 73 million NOK (US$ 10.4 million), the proceeds of which will fund the early-stage clinical development of two novel drugs.

Lytix develops novel lytic peptide drugs for the treatment of resistant bacterial and fungal infections, as well as first-in-class oncology treatments - both areas with high unmet medical needs. The Company was established in 2003 to commercialise world-class research in the field of lytic peptides, having spun out by scientists working in the University Hospital and University of Tromso in Norway.

Lytix Biopharma CEO Gunnar Saelid commented, "The Company has made significant progress in the last year, initiating full preclinical development activities for two important projects. LTX-109 is a novel antimicrobial compound that is effective against a broad range of pathogens. Indeed it is so effective, that although the initial formulation is for the treatment of skin infections, we envisage several other indications such as nail fungal infections, acne and oropharyngeal candidaisis. In oncology, LTX-315 (Oncopore(TM)) is a product aimed at the treatment of solid tumours, potentially in combination with existing therapies. Oncopore(TM) is currently in preclinical development and has proven efficacy across a range of 40 tumour cell lines, including lines resistant to established chemotherapy. In vivo studies in syngeneic mice demonstrate a potential for a rapid induction of tumour necrosis, and a complete and stable tumour response mediated by the immune-system. Both LTX-109 and LTX-315 will enter the clinical phases during the latter half of 2009."

In order to capitalise on the commercial potential that lies in this development pipeline, Lytix has successfully raised working capital through a shares issue totalling 73 million NOK to fund the early-stage clinical development. Chairman of Board, Knut Eidissen, added: "We are truly excited to be involved with such innovative projects - if we are successful we can potentially cure some very sick patients and save lives. It goes without saying that the commercial upside is significant for a company like ours, which aims to outlicense rights and form joint-venture partnerships with larger pharmaceutical companies. The interest shown in our company, even in these turbulent financial times, further strengthens our belief in the value of our pipeline."

    Corporate Inquiries

    Gunnar Saelid, CEO
    Lytix Biopharma AS
    P.O. Box 6447, Tromso Research Park, N-9294 Tromso, Norway
    Tel +47-911-92-330, Email:

SOURCE Lytix Biopharma AS
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. ZyGEM and Advalytix Partner to Produce Innovative DNA Extraction Products
2. Singulex Closes $19 Million Financing Round
3. Karolinska Development Closes Fully Subscribed New Share Issue
4. Concentric Medical Closes on $15 Million Financing
5. Intradigm Closes Final Tranche of $21.4 Million Series B Financing
6. Diagnoplex Closes CHF10 Million ($8.3 Million) Series A Financing
7. AEterna Zentaris Closes Sale of Cetrotide(R) Royalty Stream for $52.5 Million to Cowen Healthcare Royalty Partners
8. MicroPhage Closes Latest Financing
9. Arete Therapeutics Closes $16.7 Million in Final Tranche of Its Series A Financing
10. CVBT Closes Clinical Development Agreement for Coronary Heart Disease Drug Candidate
11. Starfish Ventures Closes Australias Largest Venture Capital Fund With $185 Million Tech Fund
Post Your Comments:
(Date:10/12/2015)... , Oct. 12, 2015 This report covers ... include cell type, products, applications, end-user markets and geographic ... HIGHLIGHTS The global cell expansion market generated revenue ... to reach revenues of $9.7 billion in 2015 and ... rate (CAGR) of 17.8% from 2015 to 2020. ...
(Date:10/12/2015)... 2015 El 8 de octubre, la Honorable ... el congreso con su declaración acerca del reconocimiento de ... Week (IPAW), que se celebrará del 11 al 17 ... Plasma Protein Therapeutics Association (PPTA) y sus compañías ... la concienciación mundial acerca de la donación de plasma ...
(Date:10/12/2015)... 12, 2015 LabStyle Innovations Corp. ... Solution, today announced its Medical Director, Dr. Moshe ... MobiHealth,s 5th EAI International Conference on Wireless Mobile ... innovations in mobile and wireless technologies," the conference will ... from October 14 - 16, 2015. The conference is ...
(Date:10/12/2015)... ... October 12, 2015 , ... ... Srini Srinivasan, has joined the firm as a Premier Expert consultant. NDA ... them to bring extraordinary value to the company's clients. Premier Experts collaborate ...
Breaking Biology Technology:
(Date:10/8/2015)... OXFORD, Connecticut , October 8, 2015 /PRNewswire/ ... ) ("NXT-ID" or the "Company"), a biometric authentication ... and creator of the Wocket® smart wallet announces ... 30, 2015 were approximately $410,000 compared with $113,00 ... Revenues for the 9 months ended September 30, ...
(Date:10/6/2015)... MATEO, Calif. , Oct. 6, 2015 /PRNewswire/ ... company, today announced enhancements to its software portfolio ... expression analysis kit for differential expression in eukaryotes. ... Platform, which is a cloud-based genomic analysis solution ... advance scientific discovery from next-generation sequencing efforts. ...
(Date:9/30/2015)... 2015  With nearly 300,000 Americans living with spinal ... estimated to reach 12,500 annually, the role of Independent ... for Independent Living (SCRS-IL) is increasingly important. SCRS-IL ... opening doors to independence for individuals with ... notably assistive technology services and education. "In ...
Breaking Biology News(10 mins):