Date: 2014-09-09
Type of information: Series B financing round
Company: Poxel (France)
Investors: Edmond de Rothschild Investment Partners - EdRIP (France) InnoBio (France) Omnes Capital - formerly Crédit Agricole Private Equity (France)
Amount: €10 million
Funding type: series B financing round
Planned used: A significant part of the funds will be used to confirm efficacy data of the company’s lead program, imeglimin. Imeglimin is the first in a new Tetrahydrotriazine-containing class of oral anti-diabetics, the glimins. It has already demonstrated efficacy and safety in clinical proof-of-concept trials. Imeglimin is being developed through phase II trials as a monotherapy and as an add-on therapy to the main anti-diabetic agents, starting with metformin and sitagliptin. Imeglimin has a mechanism of action that targets the mitochondria bioenergetics. It is the first agent that acts directly on the two key defects of Type 2 Diabetes, namely insulin sensitizing and secretion. This unique mechanism of action, based on both preclinical and clinical study results, has recently been detailed in three presentations, at the 74th Sessions of the American Diabetes Association.
Others: * On September 9, 2014, Poxel announced that it has raised €10 million ($13.5 million) through a Series B extension with the Large Venture investment division of Bpifrance (Banque Publique d'Investissement) and a debt facility from Kreos Capital. The Series B financing,originally led by Edmond de Rothschild Investment Partners (EdRIP) now totals €18 million ($24 million). The funds will be used to accelerate the development of the company’s lead program, imeglimin. * On December 18, 2012, Poxel SA has raised €13 million in a Series B round. The financing was led by Edmond de Rothschild Investment Partners (EdRIP) and included all existing investors: InnoBio fund managed by CDC Entreprises within FSI France Investment program; and Omnes Capital (formerly Crédit Agricole Private Equity). A significant part of the funds will be used to confirm efficacy data of the company’s lead program, imeglimin, a novel anti-diabetic agent. Imeglimin has a mitochondrian-based mechanism of action, targeting the respiratory chain. Through this new mechanism, Imeglimin acts on the three key defects of Type 2 diabetes, inhibiting hepatic gluconeogenesis, increasing muscle glucose uptake and restoring normal insulin secretion.
Poxel has further promising anti-diabetic programs in early development, including a new class of direct AMPK activator. Poxel was founded as spin off from Merck Serono and in 2010 raised €16 million through a Series A round.
Therapeutic area: Metabolic diseases
