Abivax Secures Cash For Ulcerative Colitis Drug But Much More Needed

Obefazimod Moves Into Costly Phase III

The French biotech is pleased to have raised nearly €50m considering the "currently very challenging financing environment," but it will need to find €150m more to complete last-stage trials of obefazimod in ulcerative colitis.

Euro currency
• Source: Archive

With a Phase III program to fund for its promising anti-inflammatory drug obefazimod in ulcerative colitis (UC), Abivax SA has raised €49.2m to extend its cash runway to the end of the first quarter of 2023.

The French firm said that the oversubscribed financing involved "high-quality US and European biotech specialist investors" led by TCGX, with...

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