UK-based exosome drug developer Evox Therapeutics raised £69.2m ($95.4m) in a series C round yesterday featuring GV, a corporate venturing arm of internet technology group Alphabet, and pharmaceutical firm Eli Lilly.
Redmile Group led the round and was joined by OrbiMed, Invus, University of Oxford and its patient capital fund Oxford Sciences Innovation (OSI), Panacea Healthcare Ventures, Borealis Ventures, Cowen Healthcare Investments and angel investors.
Eli Lilly participated in the series C round by converting a $10m note it had secured through a collaboration agreement with Evox in June 2020.
Spun out of University of Oxford in 2016, Evox is developing therapeutics designed to treat a number of severe medical conditions with limited treatment options.
Evox uses exosomes, a part of the human body responsible for transporting materials between cells, for administering its treatments. The method enables Evox’s drugs to reach previously inaccessible areas of the body.
The series C investment will enable Evox to further develop its drug platform and advance several of its candidates into the clinic. Chau Khuong, partner at OrbiMed, will join the board of directors.
Redmile Group previously led Evox’s $45.4m series B round in September 2018, which was backed by GV, University of Oxford, OSI, Panacea, Borealis Ventures, Cowen and private investors. Bill and Melinda Gates Foundation injected an undisclosed sum three months later.
The spinout had earlier raised $14.5m in series A round supplied by OSI in 2016.