- Business
- Cyxone AB (publ) (Ticker: CYXO.ST) operates as a clinical-stage biotechnology company focused on developing disease-modifying therapies for autoimmune and autoinflammatory diseases, including rheumatoid arthritis and multiple sclerosis. The company's pipeline centers on two primary drug candidates: Rabeximod, an oral small molecule in phase II clinical development targeting patients with inadequate response to TNF-alpha inhibitors in rheumatoid arthritis by modulating pro-inflammatory cells; and T20K, a cyclotide-based drug candidate that has completed phase I studies and targets cytokine inhibition for multiple sclerosis and other autoimmune disorders. Founded in 2015 and headquartered in Malmö, Sweden, Cyxone conducts operations primarily in Europe through its Swedish base and affiliated entities such as Cyxone Switzerland AG. In 2024, the company shifted its rabeximod strategy toward smaller exploratory studies in TNF-alpha non-responders following consultations with key opinion leaders, identified and confirmed its biological target protein independently, and launched a rights issue in July-August targeting SEK 23 million to fund these programs and T20K advancement, though it subscribed to only about 27% yielding roughly SEK 6.3 million net. Facing liquidity shortfalls, Cyxone received payment demands including a disputed SEK 5 million milestone, trading was halted, shares were delisted from Nasdaq First North, and the company filed for bankruptcy in early December 2024 with proceedings declared by the Malmö court.