By Angela McDaniels
Seattle, Jan. 9 - Xytis Pharmaceuticals Ltd. and Remergent Inc. said they have merged to become Xytis Inc., a privately held biopharmaceutical company based in Irvine, Calif.
"The combined companies are highly complementary and have the ambition to establish, from discovery to proof of concept and beyond, novel therapeutic paradigms in highly unmet medical needs related to central nervous system disorders," Xytis chief executive officer and chief medical officer Werner Tschollar said in a company news release.
"Our existing preclinical and clinical pipeline positions us well in that respect, in particular with our most advanced compound possibly entering a pivotal study by year end."
The new company raised $24.5 million during a series B financing round led by Sanderling Ventures, together with Atlas Venture, Ventech and CDC Entreprises Innovation.
Sanderling provided funding for the establishment of Remergent, which was founded in 2002 to commercialize drug discoveries licensed from the University of California.
Atlas and CDC Entreprises provided seed money for the creation of Xytis Pharmaceuticals in 2004.
Proceeds from the series B financing will fund the development of proprietary small molecules and novel allosteric modulators in preclinical and phase 1/2 clinical studies.
| Issuer: | Xytis Inc.
|
| Issue: | Series B financing
|
| Amount: | $24.5 million
|
| Investors: | Sanderling Ventures (lead), Atlas Venture, Ventech, CDC Entreprises Innovation
|
| Announcement date: | Jan. 9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
