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news.Swedish biopharmaceutical firm OxThera has received SEK70m ($10m) from a syndicate of new investors, led by Kurma Partners, including IdInvest Partners and Mayo Clinic, to continue its major clinical programs.
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Currently, the company is carrying out a Phase II trial to show the clinical efficacy of Oxabact, in Primary Hyperoxaluria (PH), a rare autosomal recessive disorder leading to markedly elevated levels of endogenous oxalate in plasma and urine.
High levels of urinary oxalate cause kidney damage, including calcification of the kidney and if left untreated, the disease can cause kidney failure and premature death.
Kurma Partners managing partner Rémi Droller 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."
OxThera has proprietary rights to pharmaceutical preparations and their use for treatment of hyperoxaluria.
The drug has received orphan drug designations in the EU and the US for the treatment of PH.