Cambridge-based Healx Secures $47M for Rare Disease Treatments
Healx, an innovative biotech company based in Cambridge, UK, has successfully secured $47 million in Series C funding aimed at furthering its mission to develop treatments for rare diseases. This significant funding round was co-led by the R42 Group and Atomico, both of which are recognized for their deep commitment to advancing biotechnology. The funding also saw participation from a combination of both new and existing investors, among them Balderton, Jonathan Milner, Global Brain, btov, Ayana Capital, o2h, and VU Venture Partners. A notable development accompanying this financing is the appointment of Stanford Medicine Adjunct Professor Ronjon Nag, Ph.D., who is the founder of R42 Group and an inductee in the 2024 Silicon Valley Hall of Fame for AI, to the board of Healx.
Since its inception, Healx has raised an impressive total of approximately $110 million, which underscores the growing interest and investment in the treatment of rare diseases.
The funds from this latest round will be strategically utilized to propel the company’s pipeline of medicines focused on rare oncology, renal, and neurodevelopmental disorders. A particular highlight is the advancement of its lead program, HLX-1502, which is currently progressing through a Phase 2 clinical trial aimed at treating neurofibromatosis Type 1 (NF1). Established in Cambridge (UK) by David Brown, Ph.D., a co-inventor of Viagra, and Tim Guilliams, Ph.D., the CEO, Healx is committed to revolutionizing drug discovery by merging generative AI technology with profound expertise in drug development.
The company is leveraging its proprietary AI-driven discovery platform, Healnet, to explore and identify therapeutic opportunities for rare diseases, thereby increasing the likelihood of successful treatment development. This innovative platform employs recent advancements in generative AI to uncover connections between biological and chemical entities, translating them into potential new treatments. Recently, Healx announced that it has obtained clearance from the U.S. Food and Drug Administration (FDA) to commence its Phase 2 clinical trial of HLX-1502, which will specifically target adults suffering from NF1 and inoperable plexiform neurofibromas. HLX-1502 stands out as a new oral tablet treatment option, offering patients a distinct alternative to existing therapies. Recognized by the FDA with Orphan Drug and Rare Pediatric Disease designations, HLX-1502 is positioned to significantly enhance the quality of life for those affected by NF1, illustrating the company's dedication to making meaningful impacts in the lives of rare disease patients worldwide.
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