Selexys Pharma completes $23 mln Series A equity financing

Selexys Pharmaceuticals, Corp said it has completed $23 million Series A equity financing, led by MPM Capital.

It has also entered into an agreement with Novartis Pharmaceuticals, whereby Novartis has been granted an exclusive option to buy Selexys and its lead asset, the anti-P-selectin antibody SelG1, post successful completion of Phase 2 clinical study in patients with sickle cell disease. This also includes the upfront, acquisition and milestone payments.

The agreement with Novartis could reach up to $665 million, the news reports said.

Dr. Scott Rollins, President and CEO of Selexys said, “Patients with sickle cell disease endure great suffering and frequent hospitalization due to painful vasocclusive crisis. Chronic blockade of P-selectin function with SelG may improve clinical outcomes and lower the associated cost of patient care.” He also said, “We are excited to welcome MPM and Novartis and look forward to a productive partnership.”

The combination of the Novartis agreement and the closing of the Series A financing will allow Selexys to advance the SelG1 program through a large Phase 2 clinical study in sickle cells patients and will also fund a second program at Selexys, an anti-PSGL-1 antibody through a Phase 1 clinical study.

Selexys Pharmaceuticals is a privately held biopharmaceutical company that focuses on development of therapeutics for treating inflammation, thrombosis, and metastasis across a broad range of diseases. MPM Capital is the world’s largest life science-dedicated venture investors.