Evox Therapeutics announced today that it raised $95.4 million (£69.2 million) in a Series C financing round.
Oxford, England-based Evox’s financing was significantly oversubscribed with high demand from both existing and new investors, according to a news release.
Redmile Group led the financing while being joined by new investors OrbiMed and Invus. OrbiMed partner Chau Khuong also joined Evox’s board of directors.
All existing Series B investors, including Redmile, reinvested in the Series C, including Oxford Sciences Innovation, GV (formerly Google Ventures) and Cowen Healthcare Investments.
In addition to all of the investors, Eli Lilly converted a $10 million convertible note, formed as part of a 2020 collaboration between the two companies, into equity to contribute to the round.
Evox said the proceeds collected in the round will be used to support the advancement of its exosome-based therapeutics pipeline, including the development of its DeliverEX exosome drug platform.
The company works to harness and engineer the delivery capabilities of extracellular vesicles, known as exosomes, to develop new therapeutics. The proprietary DeliverEX technology modifies exosomes using molecular engineering, drug loading and targeting strategies to facilitate targeted drug delivery to organs of interest.
“We are delighted with the support received in this Series C financing from both our existing investors and our new investors,” Evox CEO Dr. Antonin de Fougerolles said in the release. “The level of interest in this financing round is testament to the progress we have made over the last few years. Since our Series B round in 2018, we have continued to develop our DeliverEX platform, advance our pipeline of exosome therapeutics, expand our intellectual property portfolio, build our R&D capabilities and bolster our management team.
“We have also signed significant partnership deals with Eli Lilly and Takeda, two of the world’s leading pharma companies. We welcome Chau Khuong to our Board and look forward to his contributions as Evox enters its next phase of growth.”
