Corxel Pharmaceuticals has announced the successful completion of its Series D1 financing, raising up to $287 million in capital.
Proceeds from the round are expected to support the advancement of CX11, a differentiated oral small molecule GLP-1 RA for obese and overweight patients currently being evaluated in a phase 2 trial conducted by Corxel in the United States and a phase 3 trial conducted by Vincentage in China, and other cardiometabolic programmes, including for acute ischemic stroke and hypertension.
The financing included participation from new investors including SR One, TCGX, RA Capital Management, HBM Healthcare Investments, SymBiosis, Adage Capital Management, Invus, SilverArc Capital, and certain other investors. Existing investors, RTW Investments and Hengdian Group Capital also participated, underscoring continued conviction in CX11’s differentiated clinical profile, Corxel’s clinical execution, and the company’s long-term strategy.
Proceeds from the financing will be used to:
- Advance the lead program, CX11, through its ongoing U.S. Phase 2 trial to treat obesity and overweight patients, its planned global phase 2 trial to treat Type 2 Diabetes Mellitus (T2DM) and initial preparations for CX11’s phase 3 trials;
- Advance the company’s additional programs through clinical development
- Further strengthen the company’s global operational and development capabilities to support global multiregional clinical programmes.
In connection with the financing SR One, TCGX, and certain other investors will appoint three new representatives to Corxel’s board of directors.
