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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