Xoc Pharmaceuticals Announces $30 Million Series A Financing Led by NEA
Company to move forward with novel therapies for migraine and Parkinson’s disease
LOS GATOS, Calif., February 6, 2018 – Xoc Pharmaceuticals, Inc., a privately-held, early- stage biopharmaceutical company focused on the development of innovative therapeutics for diseases of the central nervous system (CNS), today announced it has closed a tranched $30 million Series A financing led by global venture capital firm New Enterprise Associates (NEA). NEA Partner Frank Torti will join the Xoc Board of Directors in conjunction with the financing. The Company’s initial area of focus is the development of novel oral therapies for the prevention of migraine and the maintenance of Parkinson’s disease.
The Company’s goal is to develop novel therapeutic products with improved safety and efficacy for patients by leveraging information on existing compounds with established pharmacological and clinical history. Xoc utilizes its proprietary design and development process to create novel compounds for improved efficacy and/or reduced side effects by optimizing the structure-activity profile of the newly engineered compounds.
According to the Migraine Trust, migraine is the third most prevalent illness in the world, with an estimated global prevalence of 14.7 percent, or around one in every seven people. Currently, the highest unmet need in migraine treatment is for the prevention of migraine and according to the American Migraine Prevalence and Prevention (AMPP) Advisory Group, migraine prophylaxis therapy should be considered for 40 percent of the 37 million U.S. migraineurs.
More than one million people in the United States, and greater than 10 million people worldwide, are living with Parkinson’s disease, according to The Parkinson’s Foundation. Current therapies are associated with undesirable side effects such as dyskinesias, anxiety/nervousness, agitation, insomnia, hallucinations, impulse control disorders, and fibrotic complications. These effects limit therapy adoption or inhibit optimal dosing to mitigate side effects to the detriment of effective disease management.
“We at Xoc are pleased to have the support and backing of NEA, whose depth of experience in the life sciences sector will be invaluable as we move the Company forward,” said Scott W. Borland, President and Chief Executive Officer of Xoc Pharmaceuticals. “The Company intends to accelerate the development of our lead product candidates for the prevention of migraine and Parkinson’s disease maintenance. The funding will enable us to complete pre- clinical testing and take our two lead compounds into the clinic.”
“Xoc Pharma is poised to significantly improve therapeutic options in neurology with its novel product candidates,” said Dr. Frank Torti, M.D., Partner at NEA. “The Company’s innovative approach highlights a promising opportunity in neurology and beyond. We’re thrilled to partner with the Xoc team and are confident that the confluence of innovative science, an experienced management team, and strong foundational intellectual property, will result in creating products that can make a dramatic impact for patients.”
About Xoc Pharmaceuticals
Xoc Pharmaceuticals, Inc., is a privately-held, early-stage, biopharmaceutical company focused on the development of innovative therapeutics. The Company designs novel products “from the ground up” by leveraging information on existing compounds with established pharmacological and clinical history and utilizing the Company’s proprietary design and development process to create novel compounds for improved efficacy and/or reduced side effects by optimizing the structure-activity profile of the newly engineered compound.
The Company utilizes state-of-the-art receptor characterization technology and cutting- edge medicinal chemistry to identify product candidates and then develops novel therapies to meet the goal of providing improved safety and efficacy for patients. The Company believes the clinical and regulatory risk in its development programs is reduced by leveraging the extensive pharmacological history of compounds related to its novel product candidates.
The Company’s name (pronounced “shock”) is derived from a term in the Mayan language that is the origin of the English word “shark”.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 220 portfolio company IPOs and more than 370 acquisitions. For additional information, visit www.nea.com
Lisa Borland, Marketing and Corporate Communications