OxThera gains $10 million investment to continue Phase II trial

Shareholders of privately-held Swedish biopharmaceutical company OxThera have agreed with a syndicate of new investors for them to invest 70 million Swedish kronor ($10 million) in the company.

OxThera is conducting a Phase II clinical study to demonstrate the clinical efficacy of Oxabact, an oral product composed of freeze-dried live bacteria (oxalobacter formigenes), in primary hyperoxaluria (PH). The syndicate of new investors is led by Kurma Partners and includes IdInvest Partners and Mayo Clinic. Remi Droller, managing partner at Kurma Partners, said: “OxThera is the first investment for Kurma Biofund II, our new fund dedicated to rare diseases, and we are very glad to support OxThera's effort to develop a first-in-class therapy for patients suffering from this very severe genetic disease.”

Khalid Islam, who will join OxThera’s board of directors after this financing, added: “I am pleased to join the board and look forward to assisting the management in their efforts to provide a much needed therapy for patients with this devastating disease, a high unmet medical need given that currently there are no approved therapies for PH.”