Novartis backs Oxagen

Swiss-based Novartis Venture Fund has led the £16m financing of Oxagen, a drug discovery and development company specialising in inflammation.

The funding will be used to develop Oxagen’s CRTH2 antagonist programme in inflammatory and respiratory diseases. The funds will also be used to expand the therapeutic indications for CRTH2 antagonists.

The financing was led by Novartis Venture Funds and was joined by existing investors MPM Capital, SV Life Sciences, Advent Ventures, Bessemer Venture Partners, Omega, Abingworth, IBT, Red Abbey and the Welcome Trust.

Chief executive officer at Oxagen, Mark Payton said: “We are delighted to welcome Novartis Ventures as a new investor in Oxagen. This funding will allow us to both advance and broaden the therapeutic utility of our portfolio of molecules.”