BRUSSELS - Oxurion NV, the biopharmaceutical company focused on the development of treatments for retinal disorders, has secured an additional EUR 1.0 million in funding from Atlas (NYSE:ATCO) Special Opportunities LLC. This third tranche of financing is part of a larger commitment from Atlas, totaling EUR 20 million over two years, aimed at supporting Oxurion's continued clinical development.
The latest funding will specifically aid in the advancement of the KALAHARI trial, which is expected to deliver Phase 2, Part B topline data by the end of this year. The KALAHARI trial is a significant study for Oxurion as it compares the efficacy of its candidate drug THR-149 with aflibercept in patients suffering from Diabetic Macular Edema (DME). With this trial, Oxurion hopes to establish THR-149 as a superior treatment option for approximately half of DME patients who do not adequately respond to existing therapies.
Atlas has already provided EUR 11.5 million to Oxurion and with the recent tranche, an additional EUR 8.5 million remains available for the company under the Subscription Agreement. In a move that underscores their support for Oxurion's mission, Atlas has also waived certain conditions related to the issuance of EUR 3.5 million in convertible bonds that were set to be issued before the end of 2023.
Tom Graney, CEO of Oxurion, expressed the company's resolve to report the KALAHARI trial's topline data within this year, highlighting the importance of this milestone for both the company and patients affected by DME. The financial backing from Atlas Special Opportunities LLC not only strengthens Oxurion's financial position but also reinforces confidence in its strategic direction and potential breakthroughs in retinal disease treatment.
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