DÜSSELDORF, Germany--(BUSINESS WIRE)--Algiax Pharmaceuticals, a clinical-stage biotechnology company focused on development of GABAA receptor modulators for neuropathic pain and other indications with unmet medical need, announced to have secured financing for its development program including a proof-of-concept Phase IIa study named “CURE“ for its lead compound AP-325 in chronic neuropathic pain.
The company has raised 5.5 million Euro from existing investors as well as from two new investors, namely OCCIDENT, an international investment company with offices in Zug and Munich, and an undisclosed German family office.
“We are very happy about the continuous high trust of our investors in our company and our clinical development program” said Ingo Lehrke, CEO of Algiax. “Additionally, with OCCIDENT we have convinced a professional investment team of the potential of our lead candidate AP-325.”
Cédric Barra, Investment Manager at OCCIDENT added: “We are convinced that Algiax has a pioneering approach in the treatment of neuropathic pain. Algiax is developing drug candidates that not only promise a significant improvement in patients' quality of life, but are also an important approach in the fight against the opiate crisis, as the drugs do not cross the blood-brain barrier. Therefore, they have significantly fewer side effects and addiction potential than conventional approaches”
The company further announced that it has filed a clinical trial application for its phase IIa clinical trial “CURE” in the EU and plans to start patient recruitment in beginning of 2020. “We have chosen to do our proof-of-concept study in patients suffering from chronic post-surgical pain.” said Dr. Koopmans, CSO of Algiax. “There is a high medical need in this very large patient group. In various relevant pain models AP-325 showed excellent efficacy and we expect to translate these findings into medical practice.”
About Algiax (www.algiax.com)
Algiax Pharmaceuticals is a clinical-stage biotechnology company established in 2011. It is dedicated to the discovery and development of innovative products to treat diseases with a high unmet medical need. Algiax’ lead candidate AP-325 is a small-molecule GABAA receptor modulator in clinical development as a therapy for neuropathic pain.
Next to AP-325 Algiax has discovered novel GABAA receptor modulator compounds called Thioacrylamide (ThAc) derivatives. The company is advancing a selection of ThAcs derivatives from its discovery to preclinical characterization.
About OCCIDENT (www.occident.group)
OCCIDENT is an international, privately held investment company based in Zug and Munich, whose aim is to manage its own wealth in a sustainable, meaningful manner seeking to make a positive contribution to society through its investments.
OCCIDENT sees itself as a long-term oriented enabler for innovative start-ups and visionary founders. Its complementary team of experts is fascinated by technologically sound topics (deep tech) from the life sciences, digital and high-tech sectors with the potential to decisively improve people's lives.