London, December 5, 2016 – Pfizer Venture Investments (PVI) and TVM Life Science Ventures VII today announced that they are making an additional $12M investment in Ixchelsis Ltd, a start-up company based at Discovery Park, Sandwich, Kent, UK. This funding will enable Ixchelsis to fully fund their planned Phase 2b study of IX-01 in patients with severe lifelong premature ejaculation.
Ixchelsis Ltd had previously reported, in January 2016, that it had achieved positive clinical proof of concept (POC) for IX-01, its oral oxytocin receptor antagonist, in patients with lifelong premature ejaculation. IX-01 demonstrated significant efficacy together with a very benign safety and toleration profile in patients suffering from the most severe lifelong form of PE.
“Ixchelsis is delighted to have secured this additional funding that will enable us to continue the ongoing development of IX-01through to the completion of our planned Ph2b study, which will start dosing early next year. This funding will also support our CMC and toxicology activities enabling rapid progression to Phase 3. We really appreciate and value the continued excellent collaboration and support from the TVM Capital Life Science team and Pfizer in helping us move IX-01 closer to treating patients with this common and distressing condition.” said Gary Muirhead, CEO of Ixchelsis Ltd.
“We are very excited by the progress Ixchelsis has made with the development of IX-01 and we believe that it underpins the viability and success of our investment model. The Ixchelsis team progressed IX-01 to successful completion of proof of concept, 11 months ahead of schedule and considerably under the original budget. This additional investment further exemplifies our confidence in the asset, the market size of the PE indication and the excellence of this management team.” said Luc Marengere, Ph.D., Managing Partner of TVM Capital Life Science based in Montreal and board member of Ixchelsis Ltd. He added, “Ixchelsis remains at the heart of TVM Life Science Ventures VII strategy. IX-01 addresses a significant unmet medical need for a sizeable proportion of the global adult male population and which can have a major impact on the quality of life for men and their partners.”
Ixchelsis Ltd was the second investment for TVM Life Science Ventures VII, a venture capital fund domiciled in Montreal QC, which follows a new investment approach to developing pharmaceutical assets, in a capital efficient fashion in single asset companies.
Barbara Dalton, Ph.D., Vice President, PVI and board member of Ixchelsis Ltd said, “Pfizer Inc. is committed to scientific innovation in the U.K., and across the globe, collaborating in new and dynamic ways with other innovators across the healthcare landscape. Pfizer Venture Investments is pleased to support the external development of 1X-01, originally discovered at the Pfizer Sandwich site in the U.K. It’s great to see that our efforts have helped IX-01 to advance through exploratory development and into Phase 2b dosing ranging. Our additional investment demonstrates our confidence in the Ixchelsis team and in the ongoing development of 1X-01.”
