Cyxone to propose new share issue to complete Rabeximod acquisition
As previously announced, Cyxone acquired Rabeximod from OxyPharma in June 2017. Rabeximod has undergone Phase 2 trials in patients with moderate to severe rheumatoid arthritis in which significant improvements in the condition's symptoms were discovered four weeks after the completion of the formal (12 week) trial period.
Cyxone plans to conduct a new, so-called Phase 2B trial with Rabeximod under essentially identical conditions, but with the key difference that patients will be treated for twice as long (24 weeks) as the previous Phase 2 trial.
Taking Rabeximod through a complete Phase 2B programme, (including animal studies and clinical programmes), requires a fresh capital injection in addition to the capital the company received to conduct T20K Phase 1 clinical trials.
Cyxone estimates that the new Rabeximod programme will cost some SEK 60 million.
During the current six-month period, Cyxone has presented the company's project portfolio, focusing on Rabeximod, to institutional investors, company funds, and so-called "family offices" in Switzerland, Germany, France, the UK, China, Scandinavia, and the US.
Company management has therefore decided to call an Extraordinary General Meeting on December 11 at 10AM in Malmö to provide more details about our financing work, and seek shareholder support for a share issue to conduct a Phase 2B trial with Rabeximod in patients with rheumatoid arthritis.
November 23, 2017
Contact
Cyxone AB (publ)
Kjell G. Stenberg, CEO
Tel: +46 (0)723 816168
Email: kjell.g.stenberg@cyxone.com
Adelgatan 21
211 22 Malmö
This is information that Cyxone AB is required to publish under the EU Market Abuse Directive. The information was provided under the auspices of the above contact person for publication on November 23, 2017 at 08:50 CET.
About Cyxone
Cyxone AB (publ.) is a biopharmaceutical company that develops drugs based on cyclotides, a class of natural plant protein. Cyclotide technology has the potential to provide new drugs with beneficial pharmacological effects on diseases that currently lack safe and effective treatments. The company is focusing on the development of substances that inhibit key processes in cells that are typically associated with various immune disorders, such as multiple sclerosis and rheumatoid arthritis. Cyxone's Certified Adviser on the Nasdaq First North is Erik Penser Bank, which can be reached on +46 (0) 8 46 38 000.
www.cyxone.com