Cytovation Announces Private Fundraising Round of NOK 20m to Progress CyPep-1 to Phase 1 Clinical Study
- Category: Proteins and Peptides
- Published on Friday, 30 June 2017 11:25
- Hits: 1167
BERGEN, Norway I June 29, 2017 I Cytovation AS, a privately held biotech company developing CyPep-1 for the treatment of skin disorders, announces it has raised NOK 20m in a private funding round. The financing was led by a group of private investors in Norway and the Company will use these funds to advance lead product CyPep-1 into a Phase I clinical trial.
Cytovation is developing CyPep-1, a peptide consisting of 27 amino acids that selectively targets cutaneous warts through the destruction of the cell membrane and creating an immune response through the release of antigens. These funds will enable Cytovation to conduct pre-clinical toxicology studies and GMP manufacturing of CyPep-1 as a topical cream for the treatment of warts caused by the human papilloma virus (HPV). This is a completely novel treatment strategy to treat a common disease which has already undergone extensive testing and quality control and also has applications in other dermatological diseases.
Cytovation's CEO, Kjell Inge Arnevig, commented on the financing: "We have been encouraged by the continuing support of our new and existing investors. These funds will allow us to move through toxicology studies and formulation towards our planned Phase I clinical trial for CyPep-1 with initial results expected during 2018."
Cytovation AS is a privately-held biotech company based in Norway, founded in 2001, with strong ties to the Haukeland University Hospital and University of Bergen. Cytovation's lead product, CyPep-1 is a first in class peptide consisting of 27 amino acids that is currently in pre-clinical development for the treatment of cutaneous warts caused by human papilloma virus (HPV) and has applications in other dermatological diseases. There are currently no prescription medicines available for the treatment of cutaneous warts and over-the-counter products often do not permanently remove the wart. CyPep-1 rapidly and selectively targets HPV diseased cells, due to a negative charge on their cell membranes not found on healthy cells, rapidly killing the wart cells by disrupting the cell membrane and creating an immune response through the release of antigens which could lead to long-term 'protection.' CyPep-1 is an effective potential prescription treatment for warts that can potentially permanently eradicate the HPV virus. CyPep-1 has world-wide patent protection across the USA, Europe, Japan and China. For more information visit: www.cytovation.com