Arix Bioscience PLC: Arix Bioscience co-leads USD31 million Series A financing for new portfolio company Sorriso Pharmaceuticals (1261243)
22 December 2021 - 10:05PM
UK Regulatory
Arix Bioscience PLC (ARIX) Arix Bioscience PLC: Arix Bioscience
co-leads USD31 million Series A financing for new portfolio company
Sorriso Pharmaceuticals 22-Dec-2021 / 11:05 GMT/BST Dissemination
of a Regulatory Announcement, transmitted by EQS Group. The issuer
is solely responsible for the content of this announcement.
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Arix Bioscience co-leads USD31 million Series A financing for
new portfolio company Sorriso Pharmaceuticals
-- Arix announces a new portfolio company, Sorriso, with a 26%
ownership stake
-- Series A proceeds will enable Sorriso Pharmaceuticals to
advance its lead programme, a treatment for IBD,into clinical
trials
-- Arix Managing Director Mark Chin will join the Sorriso Board
of Directors
LONDON, UK, 22 December 2021: Arix Bioscience plc ("Arix" or
"the Company"), a global venture capital company focused on
investing in and building breakthrough biotech companies, today
announces that it has co-led a Series A financing in new portfolio
company, Sorriso Pharmaceuticals, alongside New Enterprise
Associates, Inc. As part of the financing, Arix has committed USD13
million (GBP9.8 million) for a 26% stake on a fully diluted basis.
Mark Chin, Managing Director of Arix, will join the Sorriso Board
of Directors.
Sorriso Pharmaceuticals is a biotechnology company advancing a
pipeline of disease-modifying antibodies for the treatment of
inflammatory disease, including Crohn's disease and ulcerative
colitis. The Sorriso platform generates potent antibodies that can
be delivered orally and are designed to maintain activity
throughout the intestinal system. The lead programme, SOR102, is
being developed for the treatment of inflammatory bowel disease
("IBD"). SOR102 simultaneously inhibits TNF? and IL-23, two
clinically validated drivers of IBD. This unique approach combines
the stong clinical impact of antibody therapeutics with the
benefits of oral administration, resulting in targeted activity,
negligible systemic exposure and minimal immunogenicity.
Sorriso is led by Ciara Kennedy, former CEO of Amplyx
Pharmaceuticals, a former portfolio company of Arix until its
acquisition by Pfizer in April 2021. The Series A financing will
enable Sorriso to advance SOR102 into clinical trials and advance
its early stage pipeline through preclinical development.
Mark Chin, Managing Director at Arix, commented:
"The ability to modify the course of disease with orally
available biological treatments has huge implications for
inflammatory diseases of the gut. In IBD, SOR102 is uniquely
positioned as the only orally-administered biologic with dual
activity against two IBD disease drivers, both of which are
clinically validated and therefore significantly de-risked targets.
We are excited to be supporting a management team with whom we have
worked successfully in the past to realise the potential of
Sorriso's platfrom in what is our third addition to the Arix
portfolio this year."
Ciara Kennedy PhD, Chief Executive Officer of Sorriso
Pharmaceuticals, commented:
"We are delighted that Arix has chosen to co-lead Sorriso's
Series A financing at this important phase of our journey. Our lead
programme represents a step change in the treatment of IBD and
raises the possibility of treatment early in the course of the
condition, reducing disease progression, improving quality of life
and offering significant healthcare benefits. I am looking forward
to working with Mark and the Arix team again as we advance our
pipeline of innovative therapies through clinical development."
[ENDS]
For more information on Arix, please contact:
Arix Bioscience plc
+44 (0)20 7290 1050
ir@arixbioscience.com
Powerscourt Group
Sarah MacLeod, Ibrahim Khalil
+44 (0)20 7250 1446
arix@powerscourt-group.com
About Arix Bioscience plc
Arix Bioscience plc is a global venture capital company focused
on investing in and building breakthrough biotech companies around
cutting-edge advances in life sciences.
We collaborate with exceptional entrepreneurs and provide the
capital, expertise and global 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
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ISIN: GB00BD045071
Category Code: PFU
TIDM: ARIX
LEI Code: 213800OVT3AHQCXNIX43
Sequence No.: 131986
EQS News ID: 1261243
End of Announcement EQS News Service
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