AFYX Therapeutics Secures $13 Million in Convertible Loan Financing to Advance Phase 2b Trial of Rivelin-CLO for Oral Mucosal Disease

VCBeat (WeChat ID: vcbeat) learned from foreign media that on June 24, U.S. local time, biopharmaceutical company AFYX Therapeutics announced the completion of a $13 million convertible loan financing. The proceeds will be used to support the Phase 2b study of Rivelin-CLO, a therapy for oral mucosal diseases.

It is reported that this round of financing was led by Sofinnova Ventures, with participation from Novo Seeds and Lundbeckfonden Emerge.

AFYX Therapeutics is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for mucosal diseases. The company’s lead candidate, Rivelin-CLO, is currently undergoing Phase 2b clinical trials for the treatment of oral lichen planus (OLP). AFYX Therapeutics also plans to expand the application of this therapy to other mucosal disorders.

Oral Lichen Planus (OLP) is a chronic inflammatory condition affecting the oral mucosal surface. OLP manifests as uncomfortable lesions in the mouth, accompanied by burning sensations and pain. Patients with OLP require regular monitoring, as the condition increases the risk of developing oral cancer. Although only about 1% of the global population is affected by this disease, there are currently no FDA-approved standard therapies; treatment is limited to local interventions such as laser ablation.

The Rivelin-CLO therapy specifically acts through the Rivelin patch. The Rivelin patch adheres to the mucosal surface, delivering medication unidirectionally to the superficial mucosa, and features long-lasting adhesion, high flexibility, and biodegradability. AFYX Therapeutics treats oral lichen planus (OLP) by incorporating clobetasol propionate into the Rivelin patch.

“Rivelin holds broad application prospects in the treatment of certain wet tissue diseases, such as oral conditions for which there are currently no therapeutic options,” said Dr. Nishan de Silva, CEO of AFYX Therapeutics. “We have made significant progress over the past year and a half, completing various studies. Our findings demonstrate that Rivelin is effective in treating mucosal diseases. We are currently conducting a Phase 2b study to evaluate the clinical efficacy of Rivelin-CLO in patients with oral lichen planus.”

Sofinnova Ventures, established in 1974, is a healthcare-focused venture capital firm. As an early investor in renowned companies such as Tandem Computers and Genentech, the firm specializes in biopharmaceutical investments and is committed to building world-class companies that significantly advance the healthcare industry and ultimately improve patients’ lives. As of December 31, 2017, Sofinnova Ventures managed approximately $1.7 billion in capital.

Lundbeckfonden Emerge, established in 2012, is an accelerator based in Copenhagen, Denmark. The organization not only provides financial support to its portfolio companies but also offers comprehensive professional guidance to help them optimize their research outcomes for the benefit of all stakeholders.

Novo Seeds, established in 2007, is a venture capital investment firm specializing in the biotechnology sector, headquartered in Copenhagen, Denmark.

(Compiled by Wang Chan)