Arix Bioscience Co-Leads $29 Million Series A Financing For Precithera
Arix Bioscience co-leads $29 million Series A financing for PreciThera, Inc.
Funding to develop novel biologics targeting orphan bone diseases into clinical trials
LONDON, 27 July 2017: Arix Bioscience plc (LSE: ARIX) ("Arix Bioscience" or "Arix"), a global healthcare and life science company supporting medical innovation, today announces that it has co-led an oversubscribed Series A financing round raising $29 million ($36 million CAD) for PreciThera, Inc. ("PreciThera"), a new Arix Group Business focused on developing novel biological therapeutics to treat orphan bone diseases.
The fundraising comprises a strong syndicate of Canada and US-based life science investors: Sanderling Ventures, Fonds de solidarité FTQ, CTI Life Sciences Fund, and Emerillon Capital. Arix Bioscience's Investment Manager, Daniel O'Connell, MD, PhD, will join PreciThera's Board of Directors.
Proceeds of the Series A financing will be used to develop novel molecules and to advance PreciThera's lead candidate through IND and into clinical studies with the goal to establish clinical proof of concept and identify a path to registration.
PreciThera is focusing on orphan bone diseases that cannot be treated via traditional protein replacement therapies. The company utilizes a combination of informatics-based tools to combine information from RNA sequencing and from genomic and clinical databases to validate the major pathway responsible for clinical symptoms in rare genetic disorders. Its precision medicine strategy is particularly well suited to address genetic diseases that, until now, were classified based on their clinical manifestations and treated with non-specific agents. By leveraging both a novel understanding of the biology of these disorders and its precision medicine strategy, PreciThera aims to achieve truly disease-modifying outcomes for patients.
Industry veterans and scientific experts Dr. Philippe Crine and Dr. Susan Schiavi founded Montreal, Canada-based PreciThera in 2016. Prior to PreciThera, Dr. Crine founded Enobia Pharma, which advanced its lead product, asfotase alfa, into clinical development for treatment of the orphan bone disease hypophosphatasia. Enobia Pharma was acquired for $1.1B in 2012 by Alexion, which now markets the product as Strensiq. Dr. Schiavi brings bone and metabolic disease expertise from her many years as director of Genzyme's Bone and Mineral Metabolism team in support of the company's blockbuster drug, Renvela.
Joe Anderson, Chief Executive Officer of Arix Bioscience plc, commented: "PreciThera's novel understanding and approach to treating orphan bone disorders has great potential to deliver truly disease modifying outcomes for patients with serious unmet medical needs. We are very pleased to join the company alongside an impressive team of founders and co-investors, and are delighted to mark another important deal for Arix."
For more information, please contact:
Arix Bioscience plc
Joe Anderson, CEO
+44 (0) 20 7290 1052
Consilium Strategic Communications
Mary-Jane Elliott, Jessica Hodgson, Ivar Milligan
+44 (0)20 3709 5700
About Arix Bioscience plc
Arix Bioscience plc is a global healthcare and life science company supporting medical innovation. Headquartered in London and with an office in New York, Arix Bioscience sources, finances and builds world class healthcare and life science businesses addressing medical innovation at all stages of development. Operations are supported by privileged access to breakthrough academic science and strategic relationships with leading research accelerators and global pharmaceutical companies.
Arix Bioscience plc is listed on the Main Market of the London Stock Exchange.
For further information, please visit www.arixbioscience.com
About PreciThera, Inc.
PreciThera, Inc. is a biotechnology company committed to the development of therapies for rare bone diseases using the combined application of computational technology and a deep understanding of disease pathology. The company focuses on heterogeneous genetic disorders that primarily manifest in bone dysfunction. Understanding of novel biology will allow PreciThera's targeted strategies to meaningfully impact both the skeletal symptoms as well as the extraskeletal issues found in these patients.
For further information, please visit www.precithera.com