Arix Bioscience plc Arix co-leads $63m Series B investment round for Imara
18 March 2019 - 6:00PM
UK Regulatory
TIDMARIX
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF THE EU
MARKET ABUSE REGULATION NO.596/2014
Arix Bioscience plc
Arix co-leads $63 million Series B investment round for Imara
* Arix co-leads a $63 million Series B investment in new portfolio company
Imara
* Arix commits $15.0 million (GBP11.3 million)[1] for 10% ownership stake
* Arix expands breadth of portfolio with investment in sickle cell disease
via a later-stage clinical asset in phase 2
LONDON, 18 March 2019: Arix Bioscience plc ("Arix") (LSE: ARIX), a global
healthcare and life science company supporting medical innovation, today
announces it has invested in new portfolio company Imara, Inc. ("Imara"), a
company dedicated to developing novel therapeutics for chronic treatment of
Sickle Cell Disease ("SCD") and other hemoglobinopathies.
As part of the financing, Arix has committed to invest $15.0 million (GBP11.3
million) for a 10% stake on a fully diluted basis. Arix Investment Director
Mark Chin will join Imara's board of directors and Investment Associate John
Cassidy will join as an observer.
Cambridge, MA based Imara is developing IMR-687, an orally-administered, highly
potent and selective phosphodiesterase 9 (PDE9) inhibitor developed to treat
the underlying causes of the pathology of sickle cell disease, a condition
characterised by sickling of red blood cells and the occlusion or blockage of
small blood vessels by the rigid, sickle-shaped red blood cells. The company
has a highly experienced leadership team led by Chief Executive Officer Rahul
Ballal, formerly the Chief Business Officer at Northern Biologics and
Entrepreneur-in-Residence at Versant Ventures. Early clinical data in SCD
patients support the potential for IMR-687 to improve health outcomes and
possibly ameliorate disease pathology. The mechanism of IMR-687 is
differentiated from other therapies in development by its dual action on both
red and white blood cells. IMR-687 successfully completed a Phase 1 study in
healthy volunteers and is currently being tested in a global Phase 2a study in
adult SCD patients, including sites in the UK.
The financing was co-led by new investors Arix and Orbimed Advisors and also
included RA Capital and Rock Springs Capital. Existing investors NEA, Pfizer
Ventures, Bay City Capital, Lundbeckfonden Ventures and Alexandria Venture
Investments also participated in the fundraise. Proceeds from the financing
will be used to progress clinical development in sickle cell disease in adults
and children, and broader applications in beta thalassemia and other
haematological conditions.
Joe Anderson, Chief Executive Officer of Arix, commented: "Sickle cell disease
affects a large and growing population across the world and is devastating for
both patients and families. Imara is led by an exceptional team developing a
novel, compelling approach to treating this difficult disease. We look forward
to working with the leadership team and our co-investors to help accelerate the
development of this exciting company."
Rahul Ballal, Chief Executive Officer of Imara, commented:
"This is a transformative moment for Imara, as this financing allows us to
accelerate clinical development for IMR-687 in SCD and expand its utility to
other populations and related haematological diseases. We hope to provide
patients a meaningful, but easy-to-use therapy in their fight against SCD and
related disorders.
"We are delighted by the strong support from Arix as well as our existing and
new investors and I look forward to working closely with Mark and John to build
the company and team."
ENDS
Enquiries
[1] At exchange rate on 15 March 2019
For more information on Arix, please contact:
Arix Bioscience plc
Charlotte Parry, Head of Investor Relations
+44 (0)207 290 1072
charlotte@arixbioscience.com
Optimum Strategic Communications
Mary Clark, Supriya Mathur
+44 (0)203 950 9144
optimum.arix@optimumcomms.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 Imara, Inc.
Imara Inc., is dedicated to developing novel therapeutics for people living
with sickle cell disease and other hemoglobinopathies. Sickle cell disease is a
rare, genetic blood disease that causes red blood cells to sickle and become
damaged, activating immune cells and blocking blood flow in capillaries,
injuring many organs and causing daily pain. Imara is developing IMR-687, a
highly selective, potent small molecule inhibitor of phosphodiesterase-9
(PDE9i), to treat patients with sickle cell disease. Imara has received Orphan
Drug Designation from the US FDA for IMR-687 for SCD and has initiated a phase
2a [global] clinical trial in adult patients with the indication.
http://imaratx.com/
About Sickle Cell Disease
Sickle cell disease is a rare, genetically inherited condition, which affects
haemoglobin, the protein in red blood cells that transports oxygen throughout
the body. Sickle cell disease is a multi-organ disease afflicting more than
160,000 individuals in the United States and Europe, and many more in Africa
and Asia. Due to the sickling of the red blood cells, and activation of immune
cells and the blood vessel endothelial lining, patients bear the burden a
multitude of pathologies from this disease. At the basis of many of these
symptoms is occlusion or blockage of vessels in micro-capillary beds. As a
result of this pathology, patients experience repeated episodes of
vaso-occlusive crisis or VOC, acute chest syndrome or ACS, damage to other
organs including the liver, spleen, kidney and the brain.
END
(END) Dow Jones Newswires
March 18, 2019 03:00 ET (07:00 GMT)
Arix Bioscience (LSE:ARIX)
Historical Stock Chart
From Apr 2024 to May 2024
Arix Bioscience (LSE:ARIX)
Historical Stock Chart
From May 2023 to May 2024