NeXeption, LLC Forms New Company Alexar Therapeutics, Inc. to Develop Novel LXR Agonist Portfolio for Dermatologic Indications

01/02/2014

NeXeption, LLC, a biopharmaceutical management company that brings together product opportunities, management expertise and funding to reach compelling partnership milestones, has secured $21.5 million in Series A financing to form Alexar Therapeutics, Inc. Alexar is focused on developing an innovative portfolio of Liver X receptor (LXR) agonists for both systemic and local use. LXR agonists are members of the nuclear receptor superfamily that regulate multiple genetic pathways and exhibit potent anti-inflammatory activity. The Series A financing, led by New Science Ventures and Third Point Ventures with participation from Palo Alto Investors, will fund the initial development of Alexar's lead compound, A-110, a topical LXR agonist for the treatment of inflammatory cutaneous disorders. Dave Pfeiffer has been named Alexar Chief Executive Officer and Board Director. Mr. Pfeiffer is a successful biopharmaceutical executive with more than 25 years experience as a senior executive at both large and small life science companies. Most recently, he served as a Board Member and Chief Commercial Officer of Ellman International, a private equity-backed surgical device and aesthetics company focused on the dermatology market. He began his career at SmithKline Beecham. Entrepreneur Steve Tullman, Managing Partner of NeXeption, will serve as Chairman of the Board of Directors of Alexar. Mr. Tullman most recently served as Chairman and Chief Executive Officer of Ceptaris Therapeutics, Inc. (acquired by Actelion) and Executive Chairman of Vicept (acquired by Allergan). Previously, he co-founded and led several companies including Ception Therapeutics, a biologics company (acquired by Cephalon). “The NeXeption business model allows us to develop promising drug candidates like A-110 by creating and funding independent operating companies that are focused solely on maximizing the value of each asset,” said Mr. Tullman. “NeXeption's highly concentrated experience is essential to optimizing product profiles, executing development plans and efficiently moving these assets from concept to launch. Dave is highly qualified to lead the Alexar team and help us realize the potential of this novel LXR agonist portfolio, both clinically and commercially.” Dr. Neal Walker, an experienced entrepreneur, board certified dermatologist and NeXeption partner, will serve as Vice Chairman of Alexar. Dr. Walker is the Chief Executive Officer, President and Director of Aclaris Therapeutics Inc., a NeXeption company developing a novel dermatology treatment. Most recently, Dr. Walker served as Founder, CEO and Director of Vicept Therapeutics, (acquired by Allergan). Dr. Walker also co-founded Octagon Research Solutions, Inc. (acquired by Accenture). “There is a growing need among patients and physicians for innovative therapeutics that treat inflammatory skin disorders,” added Dr. Walker. “This portfolio of products has a well-established mechanism of action applicable to a number of indications in dermatology as well as demonstrated potential in other therapeutic areas.” The Alexar Board also includes Somu Subramaniam of New Science Ventures and Jason Hong, Ph.D. of Third Point Ventures.

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