Lytix calls in cash

Norwegian company Lytix Biopharma closes a USD 1.4 million funding round to finance new antimicrobial and oncology lead compounds.
The Norwegian drug development company Lytix Biopharma has recently announced the closure of a successful funding round to a total value of NOK 73 million, corresponding to USD 10.4 million. This will fund the early-stage clinical development of two novel drugs.

The company has made significant progress in the last year, initiating preclinical development activities for two important projects. LTX-109 is a novel antimicrobial compound effective against a broad range of pathogens. Another product is LTX-315, a product aimed at the treatment of solid tumours, potentially in combination with existing therapies. It is currently in preclinical development and has proven efficacy across a range of 40 tumour cell lines, including lines resistant to established chemotherapy.

In vivo studies in syngeneic mice demonstrate a potential for a rapid induction of tumour necrosis, and a stable tumour response mediated by the immune-system. Both LTX-109 and LTX-315 will enter the clinical phases during the latter half of 2009.

In order to capitalise on the commercial potential that lies in these development pipeline, Lytix Biopharma has raised working capital through a shares issue totalling NOK 73 million to fund the early-stage clinical development.
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