|
|
Financing History
BioAxone was founded in April 2000 to commercialize Rho GTPase inhibition as a potential target for nerve regeneration in the CNS. Related technologies were licensed in from the University of Montreal. During the initial seed round the Company raised $550,000, which was followed in June 2002 and April 2005 by two additional rounds, raising a total of $23.7M through the combined investment of four Montreal-based VC firms (Desjardins Venture Capital, Fonds de solidarité FTQ, T2C2, and Multiple Capital).
|
|
|
Milestones
Since its inception, BioAxone has consistently met or exceeded its corporate objectives of delivering value-creating milestones.
In 2002, proof-of-principle was established in axon regeneration after treatment of acute spinal cord injury (SCI) in adult mice and rats with protein-based Rho antagonists. This led to the development of
Cethrin® (BA-210) as a candidate for clinical use in acute spinal cord injury.
In 2004, BioAxone succeeded in scaling up the manufacture of BA-210 which led to cGMP grade clinical drug product.
Early 2005, the Company obtained its first IND for BA-210 in acute SCI. The subsequent clinical phase
I/IIa trial was initiated in February 2005 and will be completed in July 2006.
Recognizing the importance of a small molecule drug development program, BioAxone discovered
cyclohexane- and piperidine-derived Rho kinase inhibitors which were specific to the CNS-predominant subtype of Rho kinase (ROCK II) with high affinity. Patent applications were filed in 2002 and 2003.
In November 2004, BioAxone turned its focus to ophthalmic indications. By August 2005 the Company was able to prove that BA-210 protects retinal-ganglion cells and has pronounced
anti-angiogenic properties. Toxicology studies are ongoing with the aim to file an IND by September 2006 for the treatment of AMD.
Work is ongoing to establish proof-of-principle for BioAxone’s small molecule Rho kinase inhibitor BA-1049 in glaucoma. As Rho kinase inhibitors are known to lower intraocular pressure
(IOP) via the trabecular meshwork, BioAxone is confident to advance it to clinical phase I by 2007.
|