FreeOx is a pioneering late-stage clinical biotechnology company focused on transforming acute ischemic stroke (AIS) management. And the company’s mission is to improve outcomes for stroke patients through the discovery and development of Cerebrovascular Protective Therapeutics. Pulse 2.0 interviewed FreeOx CEO Emmett-Phil Coriat to learn more about the company.
Emmett-Phil Coriat’s Background
What is Emmett-Phil Coriat’s background? Coriat said:
“I have been more than 30 years in the industry as a VC and founder of biotech companies. Based in Boston, Canada, Israel and now Europe (Barcelona – I hold dual citizenship: Spain and Canada).”
Formation Of FreeOx
How did the idea for FreeOx come together? Coriat shared:
“Founder, Dr Angel Chamorro, while doing his stroke neurology residency at Columbia University noticed that Uric Acid significantly improves the outcomes of Acute Ischemic Stroke events. He ran a clinical trial that confirmed his hypothesis when he came back to Spain , and FreeOx was founded on the basis of the great data from that trial.”
Favorite Memory
What has been Coriat’s favorite memory working for the company so far? Coriat reflected:
“Receiving the official letter from the National Institute of Neurological Disorders and Stroke (NINDS) naming Ox-01 as the only drug to meet the efficacy threshold in the Stroke Preclinical Assessment Network (SPAN) program at the NIH, and its selection for the STEP study”
Core Products
What are the company’s core products and features? Coriat explained:
“Ox-01, an emergency stroke drug that significantly reduces disability and death when administered in the first 24 hours after stroke symptoms begin. This is a first in class drug that quickly restores the microcirculation of the brain, and is administered in combination with a minimally invasive procedure called Mechanical Thrombectomy. We also have other drugs in development. Every forty seconds, someone in the United States experiences a stroke – a devastating medical emergency affecting one in four people in their lifetime. Despite stroke being the #1 cause of disability worldwide, it has been 30 years since a new drug has reached patients!”
Challenges Faced
What challenges have Coriat and the team faced in building the company? Coriat acknowledged:
“We are facing a really tough environment to raise private capital. To succeed, you need to be resilient and confident. Running a biotech company these days really feels like “chewing glass while staring into the abyss”. The perspective of bringing this precious drug to patients is what keeps me going.”
Evolution Of FreeOx’s Technology
How has the company’s technology evolved since launching? Coriat noted:
“It has not been launched yet. Just tested in patients.”
Significant Milestones
What have been some of the company’s most significant milestones? Coriat cited:
“1) NINDS deciding to fund our drug’s development, and 2) filing a composition of matter patent”
Funding
When asking Coriat about the company’s funding details, he revealed:
“We have raised €3.2 million in private capital so far, along with €16 million in public funds. NINDS will invest up to €90 million for the next stage.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Coriat assessed:
“There are over 12 million stroke events globally annually, with >1 million eligible for Ox-01 treatment. I estimate this would represent a >$17 billion market in the US alone”
Differentiation From The Competition
What differentiates the company from its competition? Coriat affirmed:
“The magnitude of effect on improving outcomes, and the safety of our drug is unmatched, simply because it is an endogenous compound!”
Future Company Goals
What are some of the company’s future company goals? Coriat concluded:
“We are developing a few more products beyond stroke, focused on other neurodegenerative diseases. Bringing Ox-01 to patients by 2030 remains our #1 goal.”
