Corxel Pharmaceuticals, a clinical-stage biopharmaceutical company with operations in China and the US, has completed a Series D1 funding round at $287 million to support the advancement of its lead product candidate.
The Series D1 round attracted financing from a syndicate of global healthcare-focused investors, including its existing backer, RTW Investments, and new investors such as SR One Capital Management (SR One), TCG Crossover (TCGX), RA Capital Management, HBM Healthcare Investments, and SymBiosis.
Other new investors of the deal included Adage Capital Management, Invus, and SilverArc Capital. China’s Hengdian Group Capital, an existing shareholder, also participated in the round, according to an announcement by Corxel.
Following the deal, SR One, TCGX, and certain other investors will appoint three new representatives to Corxel’s board of directors.
Formed in China in early 2019 by New York-based life sciences investment firm RTW Investments, Corxel was born out of a two-year study of biotech innovation, dedicated to developing innovative therapies for patients with cardiometabolic conditions worldwide.
The Series D1 financing will support the advancement of Corxel’s lead programme, CX11, a differentiated oral small molecule GLP-1 receptor agonist (RA) for obese and overweight patients.
The fresh capital is expected to advance the drug candidate through its ongoing US Phase II trials, its planned global Phase II trials, and the initial preparations for its Phase III trials, alongside the clinical development of additional cardiometabolic programmes.
Besides CX11, Corxel is also developing selective small molecule compounds across the cardiometabolic spectrum, including JX10, a thrombolytic and anti-inflammatory agent for acute ischemic stroke, and JX09, a highly selective aldosterone synthase inhibitor for hypertension. It also has additional small-molecule programmes in development focusing on validated obesity targets.
Corxel plans to further strengthen its global operational and development capabilities to support multiregional clinical programmes, it said in the announcement.
“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 CEO of Corxel.
With its headquarters in Shanghai, the company also operates from offices in Beijing and Hong Kong in China, and New Jersey in the US.
