Eloxx Pharmaceuticals, an Israel-based developer of treatments for genetic diseases, has added $6m to a series C round featuring medical diagnostics technology provider Opko Health that now totals $30m.
The round included venture capital firms Korea Investment Partners, Pontifax and DSC Investments, and private investor Phil Frost. It comes ahead of a planned reverse merger by Eloxx with US-based biopharmaceutical company Sevion Therapeutics, where Frost, who is also CEO of Opko, is a board member.
Sevion and Eloxx agreed the acquisition at the start of last month. Under the terms of the agreement, Eloxx will become a wholly owned subsidiary of Sevion, which will change its name to Eloxx Pharmaceuticals and then apply to have its shares listed for trading on Nasdaq. RM Global Partners advised Eloxx for the merger deal.
Switzerland-based hamaceutical firm Roche and Pontifax co-led Eloxx’s first round of funding in 2013, in which it raised an undisclosed sum.