BioXell raises 10.5M euros

Milan, Italy-based BioXell says that it has raised 10.5 million euros ($12.5 million) in financing through an extension of the series C round concluded in October 2004. TVN Capital led the financing, with BB Biotech, Index Ventures and Life Science Partners increasing the position in the biotechnology firm. Also investing was the NEXT fund of Finlombarda.

The new funds bring the total raised to date to 73.0 million euros since BioXell was spun out from Roche over four years ago.

In that time, BioXell says it has built a strong portfolio of clinical and preclinical compounds to treat urological and inflammatory diseases. BXL628, the company's lead product candidate, has already successfully completed a Phase IIa trial in benign prostatic hyperplasia, and now has a 500-patient Phase IIb study underway in the same indication. BXL628 is being evaluated in two additional Phase IIa trials in overactive bladder and non-bacterial chronic prostatitis, both of which will be reported later this year. Last month, the company announced that it had in-licensed MNAC13, an anti-TrKA monoclonal antibody for the treatment of chronic pain, from Lay Line Genomics. These additional funds will help BioXell maintain a strong balance sheet despite its aggressive development schedule, the firm notes.