Arix Bioscience co-leads $29 million Series A financing for PreciThera, Inc.
July 27 2017 - 6:01AM
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 plcJoe Anderson, CEO+44
(0) 20 7290 1052
Consilium Strategic
CommunicationsMary-Jane Elliott, Jessica Hodgson, Ivar
Milligan+44 (0)20 3709 5700arix@consilium-comms.com
About Arix Bioscience plcArix 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
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