Eloxx Pharmaceuticals Raises $6 MillionTuesday, July 4, 2017
Eloxx Pharmaceuticals, a subsidiary of La Jolla’s Sevion Therapeutics Inc., has raised $6 million.
The investment was led by OPKO Health Inc., OPKO Chairman and CEO Dr. Phil Frost, and Israel-based venture capital firm Pontifax.
The new money brings the company’s total Series C round to $30 million, according to Eloxx.
The cash was part of an acquisition transaction between Sevion and Eloxx, the companies said in a joint statement. On June 2, the companies announced that Sevion would acquire Eloxx. After the acquisition closes, Sevion will change its name to Eloxx and apply to have its shares listed on the Nasdaq.
With the new funding, the companies will be able to start multiple clinical trials for its therapies for cystic firbosis and cystinosis, according to the two firms.