On June 29, 2017 Cytovation AS, a privately held biotech company developing CyPep-1 for the treatment of skin disorders, reported that it has raised NOK 20m in a private funding round. The financing was led by a group of private investors in Norway and the Company will use these funds to advance lead product CyPep-1 into a Phase I clinical trial (Press release, Cytovation, JUN 29, 2017, View Source [SID1234561558]).
Cytovation is developing CyPep-1, a peptide consisting of 27 amino acids that selectively targets cutaneous warts through the destruction of the cell membrane and creating an immune response through the release of antigens. These funds will enable Cytovation to conduct pre-clinical toxicology studies and GMP manufacturing of CyPep-1 as a topical cream for the treatment of warts caused by the human papilloma virus (HPV). This is a completely novel treatment strategy to treat a common disease which has already undergone extensive testing and quality control and also has applications in other dermatological diseases.
Cytovation’s CEO, Kjell Inge Arnevig, commented on the financing: "We have been encouraged by the continuing support of our new and existing investors. These funds will allow us to move through toxicology studies and formulation towards our planned Phase I clinical trial for CyPep-1 with initial results expected during 2018."