Eloxx Pharmaceuticals is focused on ELX-02, an investigational drug designed to bypass premature stop signals caused by nonsense mutations in the CFTR gene and restore production of full-length, functional CFTR protein. Laboratory data cited in the announcement indicate that combining ELX-02 with CFTR modulators could increase read-through activity by several fold. The company's ongoing clinical program is being expanded to test ELX-02 in combination with the CFTR modulator ivacaftor (Kalydeco®); that expanded study is already enrolling and expects results by mid-2022. The clinical expansion is supported by the Cystic Fibrosis Foundation, which previously provided up to $3.6 million for Eloxx’s initial ELX-02 studies and has now awarded up to $15.9 million in additional funding. The award provides both financial and scientific support and is part of the Foundation’s $500 million Path to a Cure initiative. No company revenue or user metrics are disclosed in the article. Eloxx Pharmaceuticals announced it has entered into a debt facility of up to $30.0 million with Hercules Capital, Inc. The company has drawn an initial tranche of $12.5 million. Proceeds from the initial draw were used to repay in full amounts outstanding under Eloxx’s existing debt facility. The remaining funds under the new facility will be available in additional tranches upon the achievement of specific clinical milestones or other terms and conditions. The arrangement gives Eloxx access to up to $30.0 million of debt capital contingent on clinical and contractual triggers. The announcement did not disclose any equity financings, revenue figures, or user metrics. Eloxx Pharmaceuticals is a clinical-stage biotech developing ELX-02, a designer aminoglycoside translation read-through inducing drug (TRID) targeting genetic diseases caused by nonsense mutations. ELX-02 has completed comprehensive preclinical testing and a monocentric Phase 1a single-ascending-dose (SAD) study in healthy volunteers. The company plans a Phase 1b multiple-ascending-dose (MAD) study and Phase 2 trials in cystic fibrosis and cystinosis patients carrying nonsense mutations, and intends to test additional indications. Nonclinical models demonstrating ELX-02 activity include CF, cystinosis, Duchenne muscular dystrophy, Rett syndrome and MPS I. Eloxx completed a toxicology program in accordance with ICH M3 (R2) to support its clinical studies. The company announced plans tied to an acquisition transaction with Sevion that could affect its corporate structure and public-listing plans.

Total raised

$52M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2022