Corxel Pharmaceuticals Limited (CORXEL), a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for patients with cardiometabolic conditions around the world, today announced the successful completion of its Series D1 financing, raising up to $287 million in capital.
Proceeds from the round are expected to support the advancement of CX11, a differentiated oral small molecule GLP-1 RA for obese and overweight patients currently being evaluated in a Phase 2 trial conducted by CORXEL in the United States and a Phase 3 trial conducted by Vincentage in China, and other cardiometabolic programs, including for acute ischemic stroke and hypertension.
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The financing included participation from new investors including SR One, TCGX, RA Capital Management, HBM Healthcare Investments, SymBiosis, Adage Capital Management, Invus, SilverArc Capital, and certain other investors. Existing investors, RTW Investments and Hengdian Group Capital also participated, underscoring continued conviction in CX11’s differentiated clinical profile, CORXEL’s clinical execution, and the company’s long-term strategy.
Proceeds from the financing will be used to:
• Advance the lead program, CX11, through its ongoing U.S. Phase 2 trial to treat obesity and overweight patients, its planned global Phase 2 trial to treat Type 2 Diabetes Mellitus (T2DM) and initial preparations for CX11’s Phase 3 trials;
• Advance the company’s additional programs through clinical development; and
• Further strengthen the company’s global operational and development capabilities to support global multiregional clinical programs.
“This investment is one of the most significant milestones for CORXEL since its founding as it not only fuels our effort to accelerate the global development of industry-leading therapies against cardiometabolic diseases but also propels the company to a new orbit of growth.” said Sandy Mou, Board Executive Director and Chief Executive Officer of CORXEL. “We are grateful to our existing and new investors for their confidence in CORXEL and its future, and our conviction to drive CORXEL’s ascension to a significant global biopharmaceutical company is stronger than ever.”
“RTW is committed to powering the next generation of breakthroughs in science and medicine to help transform lives,” stated Roderick Wong, Managing Partner and Chief Investment Officer at RTW Investment. “We believe CORXEL’s clinical progress, disciplined execution, and seasoned leadership team position the company for important near-term catalysts and sustained long-term value creation. We are excited to support their journey toward becoming a leading biotech in the field of cardiometabolic disorders.”
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