CORXEL Pharmaceuticals Limited said it has completed a Series D1 financing, raising up to $287 million to fund the development of CX11, its oral small molecule GLP-1 receptor agonist for obesity and overweight, as well as additional cardiometabolic programs. The company is currently evaluating CX11 in a Phase 2 trial in the United States and noted a separate Phase 3 trial in China being conducted by Vincentage.
The syndicate included healthcare-focused investors such as RTW Investments, SR One Capital Management, TCG Crossover, RA Capital Management, HBM Healthcare Investments, and SymBiosis. Corxel said new investors in the round included Adage Capital Management, Invus, SilverArc Capital, and others, while existing investors RTW Investments and Hengdian Group Capital also participated.
Corxel said proceeds are expected to support CX11 through its ongoing U.S. Phase 2 obesity and overweight study, a planned global Phase 2 trial in Type 2 diabetes, and initial preparations for Phase 3 trials. The company also plans to advance other programs through clinical development and expand its global operational and development capabilities to support multiregional clinical programs. Corxel additionally cited work in areas including acute ischemic stroke and hypertension.
As part of the financing, Corxel said SR One, TCGX, and certain other investors will appoint three new representatives to the company’s board.
KEY QUOTES
“This investment is one of the most significant milestones for CORXEL since its founding as it not only fuels our effort to accelerate the global development of industry-leading therapies against cardiometabolic diseases but also propels the company to a new orbit of growth.”
Sandy Mou, Board Executive Director and Chief Executive Officer of CORXEL
“RTW is committed to powering the next generation of breakthroughs in science and medicine to help transform lives,”
Roderick Wong, Managing Partner and Chief Investment Officer at RTW Investment.
