Israel- based biotech company Atox Bio has secured $23m in a series E round led by SR One, the corporate venturing subsidiary of pharmaceutical company GlaxoSmithKline.
The round also featured life sciences venture fund Lundbeckford Ventures and the Israel-based arm of venture capital firm OrbiMed, OrbiMed Israel.
Atox Bio develops therapeutics for severe infections. The funding will be used to initiate a late stage clinical study of AB103, a treatment for flesh eating bacteria, which is expected to begin in 2015.
The company raised $3.2m in 2011 from seed investment company Esperante Ventures and an undisclosed private investor.
Dan Teleman, chief executive of Atox Bio, said: “We are very pleased with this financing round, led by reputable life science investors. This investment reflects our investors’ confidence in the company and validates our novel approach to treating severe infections. With this investment, we plan to advance AB103’s clinical development and further expand into new therapeutic categories.”