Corxel Pharmaceuticals has announced that it has successfully completed its Series D1 financing, raising $287 million in capital, which it will use to advance its cardiometabolic pipeline, including in the development of CX11, its oral small molecule GLP-1 receptor agonist.
CX11 is currently in phase 2 trials in the U.S. for obese and overweight patients and in phase 3 trials in China. In additional to preparing for phase 3 trials in the U.S., the company has plans to initiate phase 2 trials across the globe and phase 2 trials to treat type 2 diabetes mellitus in U.S. patients. Corxel will also be allocating funds for cardiometabolic programs for ischemic stroke and hypertension.
A number of global health care-focused investors participated in the Series D1 financing, including SR One Capital Management, RTW Investments, RA Capital Management, HBM Healthcare Investments, TCG Crossover, and SymBiosis. Some of these investors will be appointing new representatives to Corxel’s Board of Directors.