DJ Arix Co-leads USD50 Million Series B Financing for New Portfolio Company Evommune
Arix Bioscience PLC (ARIX) Arix Co-leads USD50 Million Series B Financing for New Portfolio Company Evommune 27-Apr-2023 / 07:00 GMT/BST
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Arix Bioscience plc
Arix Co-leads USD50 Million Series B Financing for New Portfolio Company Evommune
LONDON, 27 April 2023: Arix Bioscience plc ("Arix" or the "Company") (LSE: ARIX), a transatlantic venture capital company focused on investing in breakthrough biotechnology companies, announces that the Series B financing for new Core Portfolio company, Evommune Inc. ("Evommune"), has closed.
Arix co-led the USD50 million round for Evommune, a clinical-stage biotechnology company discovering and developing new ways to treat inflammatory diseases, investing USD8.1 million (GBP6.6 million).
The round was co-led with existing investors EQT Life Sciences and SymBiosis alongside participation from new and existing investors Amplitude Ventures, Pivotal bioVenture Partners and Andera Partners. In connection with the financing, Arix will take a seat on Evommune's board of directors.
The capital raised will support Evommune's three prioritised pipeline programs targeting highly prevalent inflammatory diseases, including EVO101, a novel small molecule inhibitor of the IRAK4. This molecule is being evaluated in a Phase 2a proof-of-concept trial in patients with atopic dermatitis, with data expected later this year. In addition, Evommune is evaluating EVO756, a preclinical molecule designed to target mast cells by selectively modulating MRGPRX2 to treat chronic spontaneous urticaria and interstitial cystitis, and a discovery program targeting autoimmune diseases via PKC?.
Robert Lyne, CEO of Arix Bioscience, said: "We are pleased to have co-led this successful financing round for Evommune. Evommune's best-in-class approach will result in earlier and better targeted therapies for a range of inflammatory diseases such as atopic dermatitis. We look forward to supporting Evommune in developing these potentially life-changing treatments for patients as they progress through the clinic and create value for our shareholders."
The announcement can be accessed on Evommune's website at: www.evommune.com
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Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
+44 (0)20 7290 1050
ir@arixbioscience.com
Powerscourt Group
Sarah MacLeod, Ibrahim Khalil, Nick Johnson
+44 (0)20 7250 1446
arix@powerscourt-group.com
About Arix Bioscience plc
Arix Bioscience plc is a transatlantic venture capital company focused on investing in breakthrough biotechnology companies around cutting-edge advances in life sciences.
We collaborate with exceptional entrepreneurs and provide the capital, expertise, and networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors. www.arixbioscience.com
About Evommune, Inc.
Evommune, Inc. is a private clinical-stage biotechnology inventing new ways to treat inflammatory diseases. The company is evolving immunology through its unique and dynamic human tissue-based approach to discovering, developing, and delivering therapies that address symptoms and halt progressive disease. Evommune was founded in 2020 by an industry-leading team of R&D experts and biotech company builders, and is headquartered in Palo Alto, California. For more information, visit www.Evommune.com.
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ISIN: GB00BD045071 Category Code: MSCM TIDM: ARIX LEI Code: 213800OVT3AHQCXNIX43 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 239833 EQS News ID: 1618295 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
April 27, 2023 02:00 ET (06:00 GMT)
