Evox Therapeutics, an Oxford-based biotechnology company, has raised £69.2 million in a Series C financing round, following high demand from existing and new investors. The round was led by Redmile Group who was joined by new investors OrbiMed and Invus.
In addition to Redmile, all existing Series B investors reinvested, including major investors Oxford Sciences Innovation (OSI), GV (formerly Google Ventures), and Cowen Healthcare Investments.
On top of that, Eli Lilly, also converted a $10 million (approx £7.1 million) convertible note, that formed part of its collaboration agreement with Evox in 2020, into equity as part of this round.
How will the funding be used?
The funding will be used to support the advancement of Evox’s exosome-based therapeutics pipeline, including the progression of several rare disease assets into the clinic, and the continued development of its DeliverEX exosome drug platform.
As a part of the round, the UK company will appoint Chau Khuong, partner at OrbiMed, to its Board of Directors.
Novel exosome-based biotherapeutics
Founded by Per Lundin, Evox’s mission is to positively impact human health by creating novel exosome-based biotherapeutics for the treatment of various severe diseases with limited options for patients and their families.
Backed by Oxford Sciences Innovation, the company has created substantial proprietary technology to modify exosomes using various molecular engineering, drug loading, and targeting strategies to facilitate targeted drug delivery to organs of interest. It includes the brain and the central nervous system.
Dr. Antonin de Fougerolles, Chief Executive Officer of Evox, commented: “We are delighted with the support received in this Series C financing from both our existing investors and our new investors. The level of interest in this financing round is a testament to the progress we have made over the last few years. Since our Series B round in 2018, we have continued to develop our DeliverEXTM platform, advance our pipeline of exosome therapeutics, expand our intellectual property portfolio, build our R&D capabilities and bolster our management team. We have also signed significant partnership deals with Eli Lilly and Takeda, two of the world’s leading pharma companies. We welcome Chau Khuong to our Board and look forward to his contributions as Evox enters its next phase of growth.”