Peroxitech Therapeutics Secures Seed Financing to Advance New Treatment of Acute Lung Injury
- Collaboration with Xontogeny provides funding and key advisory support for early development -
PHILADELPHIA--(BUSINESS WIRE)--#acutelunginjury--Peroxitech Therapeutics, Inc., a biopharmaceutical company developing PIP-2 to reverse acute lung injury (ALI) by targeting the cytokine storm cascade process, today announced their launch with a seed investment from Xontogeny, LLC to advance their lead program through completion of IND-enabling work, including pharmacokinetics studies and additional toxicology preclinical trials.
“We are thrilled to have Xontogeny as a collaborative partner and are excited for their seed investment to support IND-enabling work for our lead program,” said Thomas Han, Chief Executive Officer, Peroxitech Therapeutics. “As the Xontogeny team shares our goal of rapidly advancing our technology, we are confident this will be a strong partnership. Working with a team of individuals with experience across many sectors in the biotechnology industry will be crucial for our goals of bringing our product into the clinic as quickly as possible to treat the urgent need for COVID-19 induced ALI.”
There are an estimated 190,000 cases of ALI in the US each year; incidences of ALI are expected to increase both nationally and globally as COVID-19 infections lead to additional cases of ALI. Peroxitech’s lead product, PIP-2 is delivered into the lungs to prevent the cytokine storm cascade to treat and prevent ALI. PIP-2 helps to target cytokine build up in the lungs that leads to respiratory failure with hypoxemia and tissue acidosis, regardless of etiology. More specifically, PIP-2 targets peroxiredoxin 6 (Prdx6), a newly discovered pathway in the cytokine storm cascade process. As current medical response consists primarily of lung protective ventilation, PIP-2 could offer a breakthrough modality to prevent and rescue patients with ALI.
Infections and trauma, including from COVID-19 infection, activates the cytokine storm cascade, which causes lung inflammation and results in oxidative stress and cell death, resulting in ALI. Pathophysiology of ALI is essentially the same no matter the etiology, causing alteration of the lung alveolar capillary barrier leading to lung edema and respiratory failure. Patients with ALI spend an average of 32 days in the hospital, with 20 of those days spent under mechanical ventilation. Mortality in patients experiencing ALI has been shown in studies to be as high as 40%, and ALI is the leading cause of death in COVID-19 cases.
“We are excited to announce our collaboration with Peroxitech to address the unmet need for developing drugs to treat and prevent acute lung injury,” said Chris Garabedian, Founder, Chairman and Chief Executive Officer of Xontogeny. “Developing treatments for acute lung injury is more pressing than ever, as it is the leading cause of death following COVID-19 infections. The Xontogeny team has enjoyed working with the Peroxitech team, and we are aligned on the key milestones that we plan to achieve with this seed investment.”
The Board of Directors will be comprised of Thomas Han CEO of Peroxitech, Chris Garabedian, Chairman & CEO of Xontogeny, and Fred Callori, SVP of Corporate Development of Xontogeny.
Peroxitech’s lead compound, PIP-2, works to target the cytokine storm buildup in the lungs that leads to respiratory failure, regardless of etiology. More specifically, PIP-2 targets a newly discovered earlier pathway for cytokine storm activation. The company has successfully conducted studies showing prevention of moderate to severe ALI when PIP-2 is dosed prophylactically, and near complete rescue and restoration of lung function when dosed 12 hours after the onset of ALI. PIP 2 also demonstrated breakthrough survival data for improved survival and outcomes in ALI caused by COVID-19 infection.
About Peroxitech Therapeutics, Inc.
Peroxitech Therapeutics is a biopharmaceutical company focused on treating acute lung injury (ALI) through its development of a novel peptide to target a newly-identified pathway of disease presentation. Their lead compound, PIP-2, works to eliminate the reactive oxygen species (ROS) build up in the lungs that leads to respiratory failure with hypoxemia and tissue acidosis characteristic of acute lung injury, regardless of etiology. For more information, please visit: www.peroxitech.com.
About Xontogeny, LLC
Based in Boston, MA, Xontogeny seeks to accelerate the development of life science technologies by providing entrepreneurs with funding options as well as the leadership, strategic guidance and operational support necessary to increase the probability of success in early drug and technology development. Through a differentiated approach, the Xontogeny team partners with founding scientists and entrepreneurs to support their vision while allowing a more efficient development model that benefits company founders and early equity holders. For more information visit www.xontogeny.com.
This press release contains “forward-looking statements” concerning the development of Peroxitech Therapeutics products, the potential benefits and attributes of such products, and the company’s expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Peroxitech Therapeutics undertakes no obligation to update any forward-looking statements for any reason.
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