Arix Bioscience plc Arix Bioscience announces first VIPE investment
06 August 2018 - 4:00PM
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Arix Bioscience announces first VIPE investment
Arix Bioscience leads A$24 million (GBP13.4 million) financing for Pharmaxis
Funding to accelerate the development of Pharmaxis' fibrosis and
anti-inflammatory programmes, as the company advances numerous candidates from
its Amine Oxidase drug discovery platform
First Venture Investment in Public Equity (VIPE) led by Arix, taking core
portfolio to 14 companies
LONDON, 6 August 2018: Arix Bioscience plc (LSE: ARIX), a global healthcare
and life science company supporting medical innovation, today announces that it
has acquired an 11 per cent interest in Pharmaxis Ltd (ASX: PXS), an Australian
pharmaceutical research company focused on inflammation and fibrosis with a
portfolio of products at various stages of development and approval.
The A$24 million (GBP13.4 million) primary placing was led by Arix Bioscience and
included participation from existing investors BVF Partners L.P., and supported
by other existing shareholders.
Arix Bioscience has invested A$14.2 million (GBP8.0 million) in a two tranche
placement, and following shareholder approval of the second tranche,
Arix will hold approximately 11 per cent of the total outstanding shares
of Pharmaxis. The Pharmaxis Board has approved the nomination of Arix's Edward
Rayner to join the Board at the EGM in September 2018.
Pharmaxis' lead development programme is an anti-fibrotic Lysyl Oxidase-Like
type 2 (LOXL2) inhibitor. This is an exciting enzymatic target that acts at a
crucial stage of pathogenic fibrosis. The net proceeds of the placing will be
used to further develop the programme for the treatment of a range of fibrotic
diseases, including Non-alcoholic Steatohepatitis (NASH), Idiopathic Pulmonary
Fibrosis (IPF), heart and kidney fibrosis. The first stage of phase 1 studies
has demonstrated a best in class profile for LOXL-2 inhibitors with two
compounds achieving significant and long-lasting inhibition of LOXL-2
enzyme after a single oral dose. The final stages of the phase 1 studies and
phase 2 enabling toxicity studies are expected to be completed in the third
quarter of 2018.
The first molecule produced by Pharmaxis' drug discovery platform was sold to
Boehringer Ingelheim in 2015 and is currently in phase 2 trials for NASH and
Diabetic Retinopathy. The company has two more programmes that are rapidly
moving towards the clinic.
Joe Anderson, Chief Executive Officer of Arix Bioscience, commented: "We
are very pleased to have led Pharmaxis' successful financing as it continues to
build its position as a world leader in mechanism-based inhibitors of amine
oxidases for patients suffering from fibrotic and inflammatory diseases. This
is the first investment in a public company that Arix has led and
reflects our flexibility and commitment to providing capital to innovative
companies with strong leadership teams. We see a number of opportunities to
help build high value companies through our VIPE strategy.
"In addition, it is our first investment in a company based in Australia,
demonstrating our growing global reach, where we see a rich landscape of
world-class science and high quality companies. We look forward to supporting
Pharmaxis' ambitious and internationally-experienced management team in
developing these potentially first-in-class treatments for patients while we
continue to build value for our shareholders."
Gary Phillips, Chief Executive Officer of Pharmaxis, commented: "We are
delighted with the strong support for the capital raising from Arix and our
existing shareholders, as we head into partnering negotiations for our LOXL2
inhibitor program. This will put Pharmaxis in a strong position to negotiate
the best partnering outcome and continue investing in its preclinical pipeline.
Pharmaxis will also be strengthened by the Arix's extensive global networks
and deep industry knowledge, which will help accelerate the company's next
phase of growth and development."
ENDS
Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
Charlotte Parry, Head of Investor Relations
+44 (0)20 7290 1072
charlotte@arixbioscience.com
Optimum Strategic Communications
Mary Clark, Supriya Mathur, Hollie Vile
+44 203 714 1787
optimum.arix@optimumcomms.com
Burns McClellan (US Media & IR Enquiries)
Lisa Burns, Bill Slattery Jr., Nancie Steinberg
+1 212-213-0006
arix@burnsmc.com
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 Pharmaxis
Pharmaxis (ACN 082 811 630) is an Australian pharmaceutical research company
focused on inflammation and fibrosis with a portfolio of products at various
stages of development and approval. Its product Bronchitol® for cystic fibrosis
is marketed in Europe, Russia and Australia. Its product Aridol® for the
assessment of asthma is sold in Europe, Australia and Asia. The company's
development pipeline is centred on its expertise in amine oxidase chemistry and
includes a series of Lysyl Oxidase Inhibitors under clinical development
targeting fibrotic diseases of the heart, kidney, liver and lung. In May 2015,
Boehringer Ingelheim acquired the Pharmaxis investigational drug PXS? 4728A, a
potent inhibitor of Semicarbazide?Sensitive Amine Oxidase (SSAO), to develop it
for the treatment of the liver?related condition Non?alcoholic Steatohepatitis
(NASH) and other inflammatory diseases. Pharmaxis is listed on the Australian
Securities Exchange (symbol PXS). The company's head office, manufacturing and
research facilities are located in Sydney, Australia. For more information
about Pharmaxis, please see www.pharmaxis.com.au
END
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