French startup Abivax raises $49M to cross the PhIII finish line for ulcerative colitis drug
To keep its boat sailing in the current biotech market, the French biotech Abivax has put together some new cash.
Most of the net proceeds from the €49.2 million ($49.2 million) raise will go toward funding the Phase III trials of its lead candidate obefazimod (ABX464) for ulcerative colitis, as well as sustaining its operation through Q1 2023, the company announced Friday.
Ulcerative colitis (UC) is a chronic disease caused by an overactive immune response, in which the colon lining becomes inflamed. Obefazimod is an oral drug that works as an anti-inflammatory.
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