Boston Harbor Angels leads Xeno Biosciences $7.25M Series A RoundZiad
Somerville, MA, Aug 8, 2021 – Xeno Biosciences Inc., a clinical stage drug discovery and development company advancing therapeutics for the treatment of obesity and metabolic diseases, announced today the completion of the Company’s Series A financing, which raised $7.25M in a private round.
The investment round was led by Boston Harbor Angels and was joined by a syndicate of individuals and groups including Clinical Research Ventures, Maine Angels, Bangor Angels, Dirigo Angels, Santa Barbara Angels, Beacon Angels, SideCar Angels, NOLA Angel Network, Keirestu, Zhi Gao Holdings and others.
Xeno is advancing its lead development candidate, XEN-101, to address the unmet need for an effective and well-tolerated obesity treatment. With a new understanding of the underlying mechanism of action of Roux-en-Y Gastric Bypass Surgery (RYGB), Xeno has developed a substitute for gastric bypass in a daily oral pill. XEN-101 is clinic-ready with a large safety margin Preclinical animal data show efficacy for treating obesity and obesity-related diseases such as diabetes and hyperlipidemia, while preliminary human data show safety and extraordinary efficacy with high tolerability.
“We are honored and excited to have the support of an experienced and wide-ranging group of investors” said David Beno PhD, Chief Executive Officer of Xeno. “This funding allows us to move XEN-101 to clinical proof-of-concept where we have the opportunity to show it as a safe and well-tolerated yet novel treatment for obesity and metabolic disease.”
“Xeno has the potential to fill the unmet need for a highly effective oral drug for obesity and related diseases with minimal side effects,” said Jeff Arnold, Director at Xeno since 2017. Arnold is a member of Boston Harbor Angels and led the Series A deal. “If successful in the clinical trial, it could help to solve a huge societal problem while bringing substantial returns to investors.”
In conjunction with the financing, Stan Rose PhD, founder of Rose Ventures and serial biotech entrepreneur, will join Xeno’s Board of Directors, which already includes David Beno PhD, Jeff Arnold and Mike Koeris PhD.
For more information about Xeno Biosciences please contact Dr. David Beno at 714.715.0970 or firstname.lastname@example.org.
About Xeno Biosciences Inc.
Xeno Biosciences Inc. is a privately held drug development company dedicated to finding safe and effective treatments for obesity and metabolic diseases.
The securities sold in the aforementioned private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the aforementioned shares. In addition, this press release contains certain forward-looking statements regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and the company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.