Eloxx Pharmaceuticals Provides Pipeline and Financing Updates

First two subjects dosed in Phase 1 clinical trial of ZKN-013; ZKN-013 is being developed for the potential treatment of rare dermatological and other diseases associated with nonsense mutations

Positive written FDA feedback and guidance from a pre-Investigational New Drug Application (PIND) meeting provides pathway to IND application submission to initiate a Phase 2 clinical trial in the US with ELX-02 in patients with nonsense mutation alport syndrome (NMAS)

Secured binding commitment for additional $3.2 million financing to advance our clinical programs

WATERTOWN, Mass., July 11, 2024 (GLOBE NEWSWIRE) -- Eloxx Pharmaceuticals, Inc. (OTC:ELOX), a leader in ribosomal RNA-targeted genetic therapies for rare diseases with nonsense mutations, today provided significant pipeline and financing updates.

"Dosing of the first healthy volunteers in the Phase 1 trial for ZKN-013, our lead TURBO-ZM™ is a meaningful milestone for Eloxx, as it further demonstrates our ability to advance novel candidates targeting rare diseases into clinical trials," said Sumit Aggarwal, President and Chief Executive Officer of Eloxx. "We were also very pleased with the outcome of our pre-IND meeting with the FDA, which has increased our confidence in the potential of ELX-02 to have a meaningful impact on the treatment of Alport syndrome."

First patient dosed in Phase 1 clinical trial of ZKN-013

The first two subjects have been dosed in the ongoing Phase 1 healthy volunteer single-ascending dose study of ZKN-013. ZKN-013 is designed to overcome nonsense mutations that cause a premature stop codon resulting in nonfunctional protein production for example in recessive Dystrophic Epidermolysis Bullosa (RDEB), Junctional Epidermolysis Bullosa (JEB) and familial adenomatous polyposis (FAP). This Phase 1 study evaluates the safety and pharmacokinetics in healthy volunteers.

ZKN-013 has been exclusively licensed to Almirall, S.A. (BME:ALM), who has global rights to develop and commercialize ZKN-013. Under the terms of the license agreement, Eloxx is eligible for additional development, regulatory and sales milestones of up to $470 million as well as tiered royalties on any potential global sales.

Positive feedback from the PIND meeting with FDA for ELX-02 clinical development in NMAS patients in the US

Eloxx has received FDA's final minutes from the hybrid in-person and video conference PIND meeting the company held with the Office of Cardiology, Hematology, Endocrinology, and Nephrology - Division of Cardiology and Nephrology. We believe that the FDA's positive feedback and guidance provides a pathway to an IND application submission to initiate a validating Phase 2 clinical trial in the US with ELX-02 in NMAS patients. As part of the meeting, the FDA reviewed the clinical data from the three patients from the Phase 2 trial conducted in the UK and provided feedback on the proposed clinical trial design.

"We are grateful to the FDA for their engagement and support for the clinical program to find an appropriate development path for ELX-02 to treat NMAS patients," said Sumit Aggarwal, President and Chief Executive Officer of Eloxx. "Based on the FDA feedback and guidance, Eloxx plans to engage with the FDA for a potential IND application submission to the FDA to initiate a larger clinical trial in the US to validate the results of its previously reported Phase 2 study."

In April 2024, the FDA Office of Orphan Products Development (OOPD) granted Orphan Drug Designation for ELX-02 for the treatment of Alport Syndrome.

Secured binding commitment for an additional $3.2 million financing.

Eloxx recently secured financing with the lenders under its Loan and Security Agreement, dated as of September 30, 2021 (as amended, amended and restated, supplemented, or otherwise modified from time to time) for an aggregate of $3.175 million financing of which $500,000 has been funded in advance. This financing is in addition to the $288,00 financing closed in May and both financings have identical terms and conditions. This additional financing is intended to support the advancement of our clinical programs and provide funding for general corporate purposes. We expect to receive the remainder $2.675 million of bridge loan financing on or about July 12, 2024.

About Eloxx Pharmaceuticals

Eloxx Pharmaceuticals, Inc. is engaged in the science of ribosome modulation, leveraging its innovative TURBO-ZM™ chemistry technology platform in an effort to develop novel Ribosome Modulating Agents (RMAs) and its library of Eukaryotic Ribosome Selective Glycosides (ERSGs). Eloxx's lead investigational product candidate, ELX-02, is a small molecule drug candidate designed to restore production of full-length functional proteins. ELX-02 is in Phase 2 clinical development for the treatment of Alport syndrome in patients with nonsense mutations. For more information, please visit www.eloxxpharma.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including without limitation, statements regarding the potential future payments and future benefits under the license agreement, achievement of key milestones under the license agreement, the expected timeline for clinical development, the efficacy of the Company's product candidates ZKN-013 and ELX-02, the Company's expected and planned communications with and submissions to the FDA and anticipated funding under the bridge loan are forward-looking statements. Forward-looking statements can be identified by the words "aim," "may," "will," "would," "should," "expect," "explore," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seeks," or "continue" or the negative of these terms similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on management's current plans, estimates, assumptions and projections based on information currently available to us. Forward-looking statements are subject to known and unknown risks, uncertainties and assumptions, and actual results or outcomes may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: the Company's incurrence of significant losses; the Company has identified conditions and events that raise substantial doubt about its ability to continue as a going concern; its ability, or its licensees' ability, to progress any product candidates in preclinical or clinical trials; the uncertainty of clinical trial results and the fact that positive results from preclinical studies are not always indicative of positive clinical results; the scope, rate and progress of the Company's, and its licensees' preclinical studies and clinical trials and other research and development activities; the competition for patient enrollment from drug candidates in development; the Company's ability to obtain the capital necessary to fund its operations; the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; the Company's ability to obtain financing in the future through product licensing, public or private equity or debt financing or otherwise; general business conditions, regulatory environment, competition and market for the Company's products; and business ability and judgment of personnel, and the availability of qualified personnel and other important factors discussed under the caption "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, as any such factors may be updated from time to time in the Company's other filings with the SEC, accessible on the SEC's website at www.sec.gov and the "Financials & Filings" page of the Company's website at https://investors.eloxxpharma.com/financials-filings.

All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, the Company has no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contact

John Woolford

[email protected]

443.213.0506

Source: Eloxx Pharmaceuticals