Maxwell Biotech invests in bronchial asthma therapy

Maxwell Biotech invests in bronchial asthma therapyMaxwell Biotech Venture Fund will invest in Eleventa Company which develops drugs for the treatment of bronchial asthma and other respiratory allergies. Eleventa works in the partnership with British company Oxagen. A clinical study of the III phase within this international project is planned to be held in Russia as a part of OS459 drug registration for further output on the Russian market of anti-asthma drugs.

Details of the transaction were not disclosed.

Private Russian company Eleventa, which is a part of biotechnological holding Maxwell Biotech Group, is developing a drug OS459 in close partnership with the international company Oxagen (UK) that was invested by a consortium of leading European and U.S. venture capital funds: MPM Capital, Novartis Bioventures Ltd, SV Life Sciences, Bessemer Venture partners, The Wellcome Trust, Wellington Partners Venture Capital, etc.

LLC Eleventa is a private biotech company which was founded in 2012 and is a part of biotech holding Maxwell Biotech Group, a group of developers and service companies specializing in the development of innovative biotech projects.

Dmitry Popov, the managing partner of Maxwell Biotech venture capital fund says: Investment in Eleventa company is not only the opportunity to contribute to the solution of a serious medical problem, but also a significant step in the development of partnerships with global players in the global investment market of biotechnology projects.

The Russian market of asthma medications was estimated at about 9B RUR in 2011. It is expected that it will increase by an average of 7% per year by 2020 due to a true incidence rate and improved diagnosis. OS459 drug has a pronounced anti-inflammatory effect and is intended for the treatment of moderate and severe asthma and other respiratory allergies.