Lytix calls in cash

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.

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.

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.

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.