Arix Bioscience leads $30m financing for Atox Bio

RNS Number : 2209Y

Arix Bioscience Plc

04 December 2017

 

Arix Bioscience leads $30 million financing for Atox Bio

Funding to advance Reltecimod into a Phase 2 clinical study for acute kidney injury, building upon Atox Bio's on-going Phase 3 clinical development in necrotising soft tissue infections

Arix achieves target of 12 Group Businesses by the end of 2017, successfully building a balanced group with multiple, potentially significant milestones over the next 12 months

LONDON, 4 December 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 led an oversubscribed $30 million Series F financing round for Atox Bio. Atox Bio is a late stage clinical biotechnology company developing novel immune modulators for critically ill patients with severe infections including necrotising soft tissue infections (NSTI) and acute kidney injury (AKI).

The $30 million fundraising led by Arix Bioscience included new investors Adams Street Partners, Asahi Kasei Corporation and additional undisclosed investors, alongside existing investors SR One, OrbiMed, Lundbeckfonden Ventures, Becker and Integra Holdings.

Arix Bioscience is investing $8 million for an equity stake in Atox Bio. As part of the financing, Arix Bioscience's Jonathan Tobin will join Atox Bio's Board of Directors.

Atox Bio's lead therapeutic candidate, Reltecimod, is a novel peptide that modulates the body's immune response, lowering the risk of potential morbidities and mortality. Reltecimod received Orphan Drug status from the FDA and EMA as well as Fast Track designation. Atox Bio is conducting a Phase 3 clinical study of Reltecimod for patients with NSTIs, and will start a Phase 2 clinical study for AKIs in 2018.

Joe Anderson, Chief Executive Officer of Arix Bioscience, commented: "We are pleased to have led this successful financing round for Atox Bio, which is developing therapies for severe, potentially life-threatening conditions in the critical care setting where no other therapies exist. Necrotising soft tissue infections and acute kidney injury are major unmet medical needs, and we look forward to supporting the company to develop treatments that would be potentially life-changing for patients.

"With this high quality deal, Arix Bioscience has met the target we set out at our IPO to have 12 Arix Group Businesses by the end of 2017. Over the coming months, our Group Businesses will reach multiple, potentially significant milestones which, if successful, will support the further development of breakthrough innovation for patients and value for shareholders."

Dan Teleman, Chief Executive Officer of Atox Bio, commented: "We are excited to welcome such high quality investors into the existing strong syndicate. The success of this round reflects the significant achievements we have made to date in the development of Reltecimod and recognition of the critical unmet medical need for treatments for NSTI and AKI."

For more information, please contact:

Arix Bioscience plc

Joe Anderson, CEO

[phone]

Matthew Cole, Communications Director

[phone]

Consilium Strategic Communications

Mary-Jane Elliott, Jessica Hodgson, Ivar Milligan

[phone]

[e-mail]

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 Atox Bio

Atox Bio is a late stage clinical biotechnology company with operations in the US and Israel that develops novel immune modulators for critically ill patients with severe infections. Atox Bio has an ongoing contract with the Biomedical Advanced Research and Development Authority (BARDA) supporting the development of Reltecimod in NSTI. Atox Bio was established by Prof. Raymond Kaempfer and Dr. Gila Arad from the Hebrew University of Jerusalem and Yissum.

 

END

 

 

MSCUGGMPPUPMPGW