- EsoCap successfully closes a private financing round, with investments from existing and new investors
- The new funding was facilitated by EsoCap benefitting from a unique programme implemented by the Canton of Basel-Stadt, guaranteeing subordinated loans to support technology start-ups during the Covid-19 pandemic
- The proceeds will be used for development and industrial scale-up of activities for EsoCap’s targeted application technology, enabling effective local treatment of esophageal diseases for the first time
BASEL, Switzerland, Nov. 18, 2021 (GLOBE NEWSWIRE) -- EsoCap AG, the Swiss biotech company dedicated to improving the lives of patients with serious diseases of the upper gastrointestinal tract, announced that it has successfully completed a financing round raising new private funding. This funding involves private placement including existing and new investors with a strong entrepreneurial background. It was facilitated by a unique subordinated loan guarantee program by the Canton of Basel-Stadt, to which EsoCap has successfully applied, which provides special support to technology start-ups during the Covid-19 pandemic.
“We are delighted to have secured the financial resources to pursue our rapid development. We plan to use the proceeds to progress the ACESO phase II clinical study in eosinophilic esophagitis (EoE), to pursue the feasibility of its technology platform for other esophageal diseases with a high level of unmet medical need, including Barrett’s Disease and reflux disease, and to ramp up industrial scale-up,” said Isabelle Racamier, EsoCap AG CEO. “We are proud to have the confidence of the Canton of Basel-Stadt and private investors.”
EsoCap has established robust strategic collaborations with renowned academic institutions and leading industrial partners. The funding is instrumental, as it provides a solid financial position for implementation of key activities.
“We are excited about the next phase of value creation,” said Patrick Schacher, EsoCap AG CFO. “This financing strengthens our position as we work to achieve important milestones with the ACESO clinical trial, manufacturing up-scaling and further feasibility work.”
About ACESO
The ACESO trial is a multicenter, randomized, double-blinded placebo-controlled clinical Phase II trial evaluating the efficacy, tolerability, and safety of ESO-101 in adult patients with active EoE. Patients are treated once daily for 28 days.
The primary objective of the trial is to evaluate efficacy based on histological response. Secondary objectives include efficacy based on further histology parameters, as well as clinical symptoms, clinical response assessed by patient-reported outcomes, efficacy based on endoscopic response, patient-reported treatment satisfaction, as well as evaluation of tolerability and safety.
About EsoCap
EsoCap AG is a privately funded company based in Basel, Switzerland.
EsoCap’s vision is to improve the lives of patients with serious diseases of the upper gastrointestinal tract through development of a unique and innovative topical drug delivery platform.
Effective topical treatment of the esophagus is extremely difficult to achieve due to the ultra-short drug contact time of one to two seconds from the mouth to the stomach with the current standard of care. The lead candidate ESO-101 has received Orphan Drug Designation from the FDA in the treatment of EoE and is in clinical development.
EsoCap owns and develops a unique drug delivery platform allowing the efficient topical application of drug substances for the local treatment of diseases of the upper gastrointestinal tract. With a strong IP position, the EsoCap technology is widely protected.
For more information, please visit www.esocapbiotech.com and follow EsoCap on LinkedIn and Twitter.
Contacts:
Isabelle Racamier, CEO
EsoCap AG
Malzgasse 9
4052 Basel
Switzerland
isabelle.racamier@esocapbiotech.com
Media Inquiries:
MC Services AG
Katja Arnold, Andreas Jungfer
Phone: +49 89 210288-0
esocap@mc-services.eu
