Oxagen Limited Raises $59.8 Million in Series B Private Venture Capital Financing Led by MPM Capital

Abingdon, UK, 18 May 2005… Oxagen Limited, a drug discovery and development company specializing in inflammation, announced today the successful completion of a $59.8 Million (£ 31.6 Million) Series B round led by MPM Capital.

The proceeds of the funding will be used to advance Oxagen’s lead programme, a novel small molecule anti-inflammatory for asthma to the clinic and to expand the company’s clinical and pre-clinical stage portfolio.

The investment was led by MPM Capital, and joined by new investors Bessemer Venture Partners, IBT, and Red Abbey as well as existing investors SV Life Sciences, Advent Ventures, 3i, Abingworth, and The Wellcome Trust.

Commenting on the fundraising, Mark Payton, Ph.D., Chief Executive Officer of Oxagen said, “We are delighted to have closed one of the largest biopharmaceutical private financing rounds in the UK or Europe over recent years. In addition, we believe that MPM’s decision to lead their first UK investment underscores the progress that we have made to date. This is a very pivotal time in Oxagen’s evolution, and we look forward to delivering efficiently on our preclinical and clinical objectives.

Luke Evnin, Ph.D., General Partner at MPM Capital commented " Oxagen’s lead programme has the potential to create major drugs for the treatment of asthma and other inflammatory conditions. In addition, we expect the company’s portfolio of other, genetically validated therapeutic targets to form the basis of a broad pipeline targeting important unmet medical needs.”

Dr. Evnin and Ed Mascioli, M.D., Venture Partner, also of MPM Capital, will join the Oxagen Board of Directors.