BARCELONA, SPAIN and CAMBRIDGE, MA--(Marketwired - September 26, 2016) - Oryzon Genomics (MAD: ORY) (ISIN Code: ES0167733015), a public clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, announced today that it has closed a second tranche of Debt Funding round of 5.3 Million Euros (5.9 Million USD). These proceeds come on top of the 10.5 Million Euros (11.6 Million USD) raised in May.In total, Oryzon have raised more than 32 Million Euros (35.5 Million USD) since July 2015.
This round has again been subscribed by several Spanish commercial banks in the form of long term, non-senior, non-convertible loans at the current commercial interest rates in the Spanish bank market. Mr. Enric Rello, CFO of the company, commented: "This second tranche has been open to accommodate the will of some banks to participate in this Global Funding. Thus, this debt funding in two tranches complements the previous capital increase and is a key component of our strategic Financial Plan". Mr. Rello added "These loans have been obtained in very favorable market conditions and will contribute to execute the clinical development plan. This also confirms the interest of the Spanish banking system to support technological projects of high growing potential such as Oryzon's programs".
These funds will be important to further advance our clinical programs in Epigenetic drugs and more details will be presented during Bio-SPAIN2016 at the company presentation to be held on Thursday, September 29th at 5pm CEST.
Oryzon has a highly competitive and productive Epigenetics Platform centered on LSD1 with a first program currently finishing Phase IIA in acute leukemia thus validating scientifically and clinically the platform. This Platform has also yielded a second drug, ORY-2001, currently being developed in the CNS space, which is in the middle of a Phase I clinical trial in healthy volunteers. With a successful study outcome, ORY-2001 is expected to proceed to a Phase II study in Alzheimer's disease patients in 1H 2017. Recently, the company also reported strong preclinical efficacy data in MS for this drug. Oryzon has nominated recently a third epigenetic compound, also against LSD1, as preclinical candidate for a yet undisclosed non-oncological orphan indication. ORY-3001 is in preclinical regulatory tox and is expected to be ready for IND filing early next year
Founded in 2000 in Barcelona, Spain, Oryzon (ISIN Code: ES0167733015) is a clinical stage biopharmaceutical company considered as the European champion in Epigenetics. The company has one of the strongest portfolios in the field and a clinical asset already partnered with Roche. Oryzon's LSD1 program is currently covered by 20 patent families and has rendered two compounds in clinical trials. In addition, Oryzon has ongoing programs for developing inhibitors against other epigenetic targets. The company has a strong technological platform for biomarker identification and performs biomarker and target validation for a variety of malignant and neurodegenerative diseases. Oryzon's strategy is to develop first in class compounds against novel epigenetic targets through Phase II clinical trials, at which point it is decided on a case-by-case basis to either keep the development in-house or to partner or outlicense the compound for late stage development and commercialization. The company has offices in Barcelona and Cambridge, Massachusetts. For more information, visit www.oryzon.com.
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