Poxel: $50 million financing agreement with OrbiMed

(CercleFinance.com) - Poxel announces that it has entered into a $50 million non-dilutive financing agreement with OrbiMed to monetize a portion of future royalties and payments based on Sumitomo Pharma's sales of TWYMEEG® in Japan.


TWYMEEG® is the first product in a new chemical class from Poxel, marketed for the treatment of type 2 diabetes in Japan.

Poxel intends to use the proceeds from the transaction to pursue its activities in the field of rare diseases, to reduce the Company's indebtedness to IPF Partners and the banks under its State Guaranteed Loan, and to finance the Company's general corporate purposes.

We intend to finalize our ongoing advanced discussions with several potential partners for each of our products, before making our investment decisions regarding our development plans for PXL770 and PXL065", says Thomas Kuhn, Chief Executive Officer of Poxel.

Copyright (c) 2024 CercleFinance.com. All rights reserved.