U.S.-based biotechnology company XyloCor Therapeutics has secured $17 million in Series A financing.

Co-led by U.S.-based venture capital firm Sofinnova Ventures, the round also had participation from Life Sciences Partners.

XyloCor Therapeutics will use the funds raised for its product candidate XC001 advancements and expand its business and operational structure.

Furthermore, XyloCor will also enhance its research and development for the lead investigational product XC001 with a potential to provide new hope for patients who suffer from this chronic and debilitating diseases.