Arix Bioscience PLC (ARIX) Portfolio Company Disc Medicine
Enters Definitive Merger Agreement with Gemini Therapeutics
10-Aug-2022 / 17:46 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 plc
Portfolio Company Disc Medicine Enters Definitive Merger
Agreement with Gemini Therapeutics
Merger to create a Nasdaq-listed, clinical stage
biopharmaceutical company focused on advancing Disc Medicine's
portfolio of haematology programmes
Transaction will fund multiple clinical studies, including
clinical trials of bitopertin for erythropoietic porphyrias,
DISC-0974 for anaemia of myelofibrosis, and DISC-0974 for anaemia
of chronic kidney disease
LONDON, 10 August 2022: Arix Bioscience plc (LSE: ARIX), a
global venture capital company focused on investing in breakthrough
biotechnology companies, notes that its portfolio company, Disc
Medicine, Inc. ("Disc"), has entered into a definitive merger
agreement with Gemini Therapeutics, Inc. (Nasdaq: GMTX) ("Gemini")
to create a Nasdaq-listed clinical-stage biopharmaceutical company
in an all-stock transaction. The combined company will focus on
advancing Disc's pipeline of haematology programmes, including
multiple patient studies for its clinical stage programmes. Upon
shareholder approval, the combined company is expected to operate
under the name Disc Medicine, Inc, and trade on the Nasdaq Global
Market under the ticker symbol IRON.
In support of the merger, Arix will participate in a USD53.5
million financing in a syndicate of healthcare investors led by
Access Biotechnology and including OrbiMed, Atlas Venture, 5AM
Ventures, Novo Holdings A/S, Rock Springs Capital and Janus
Henderson Investors. With the cash expected from both companies at
closing and the proceeds of the concurrent financing, the combined
company is expected to have approximately USD175 million of cash or
cash equivalents, which will be used to advance Disc's pipeline
through multiple clinical studies and provide runway into 2025. The
merger and related financing are expected to close in the fourth
quarter of 2022.
Disc also announced the initiation of BEACON, a Phase 2 clinical
study of bitopertin in patients with Erythropoietic Protoporphyria
(EPP) or X-linked Protoporphyria (XLP). Bitopertin is an oral,
selective inhibitor of glycine transporter 1 (GlyT1) designed to
modulate heme biosynthesis and has been shown in preclinical
studies to reduce accumulation of protoporphyrin in IX (PPIX), the
toxic metabolite that causes disease pathology in EPP and XLP
patients.
Robert Lyne, CEO of Arix Bioscience, stated: "The merger with
Gemini represents an exciting opportunity for Disc Medicine. Led by
a highly credible management team, Disc has built a diversified,
clinical stage pipeline of products focused on diseases of unmet
medical need. In less than one year since our initial investment,
Disc has made rapid clinical progress, advancing two programmes
into patient studies in the past few months. Today's announcement
of the merger agreement follows a thorough and thoughtful strategic
review process by Gemini and is validation of our refocused
strategy to invest in companies with nearer-term value inflection
points."
[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, Nick Johnson
+44 (0)20 7250 1446
Notes to Editors
About Gemini Therapeutics, Inc.
Gemini Therapeutics is a clinical-stage precision medicine
company previously focused on developing novel therapeutic
compounds to treat genetically defined age-related macular
degeneration (AMD).
For more information, visit www.geminitherapeutics.com.
About Disc Medicine, Inc.
Disc Medicine is a clinical-stage biopharmaceutical company that
is dedicated to transforming the lives of patients with hematologic
disorders. Disc is building a portfolio of innovative,
first-in-class therapeutic candidates that affect fundamental
pathways of red blood cell biology. Disc Medicine is committed to
developing treatments that empower and bring hope to the many
patients who suffer from hematologic disease. For more information,
please visit www.discmedicine.com.
About Disc Medicine's Haematology Portfolio
Disc has a clinical-stage development pipeline composed of
investigational product candidates that affect heme biosynthesis
and iron metabolism. Disc's programs are designed to target
pathways with established, clinically-validated biology and have
the potential to address multiple indications. This includes:
Bitopertin (Heme Synthesis Modulator): Bitopertin is an
inhibitor of glycine transporter, GlyT1, and has demonstrated
effects on heme biosynthesis in clinical studies. Bitopertin was
in-licensed by Disc from Roche in 2021 and has been extensively
studied, including a safety data package reflecting clinical
experience in over 4,000 individuals. Inhibition of heme
biosynthesis has the potential to address a wide range of
hematologic disorders. Disc has initiated BEACON, an open-label,
phase 2 trial of bitopertin in patients with erythropoietic
porphyria, a rare, debilitating and potentially fatal genetic
disorder that results in dysregulated heme biosynthesis and where
bitopertin has the potential to become the first disease-modifying
treatment. Additional clinical studies in Diamond-Blackfan Anemia
(DBA) and other indications are being planned.
DISC-0974 (Hepcidin Suppression): DISC-0974 is a monoclonal
antibody targeting a co-receptor called hemojuvelin (HJV) and is
designed to suppress hepcidin production and increase serum iron
levels in patients suffering from the anemia of inflammation.
DISC-0974 was in-licensed by Disc from AbbVie in 2019. Anemia of
inflammation arises from abnormally elevated hepcidin and is the
most common form of anemia, affecting millions of patients across
numerous diseases such as chronic kidney disease, myelofibrosis,
cancer, autoimmune diseases, and other conditions with an
inflammatory component. Disc has established clinical
proof-of-mechanism of DISC-0974 in a phase 1 study of healthy
volunteers and initiated a phase 1b/2 clinical study of DISC-0974
in patients with anemia of myelofibrosis. Disc plans to initiate a
phase 1b/2 clinical study of DISC-0974 in patients with anemia of
chronic kidney disease (non-dialysis) in late 2022.
Matriptase-2 Inhibitor (Hepcidin Induction): Disc has a research
program designed to identify orally-available, small molecules to
inhibit Matriptase-2 (referred to as Mat-2 or TMPRSS6) and increase
the production of hepcidin and restrict iron availability. The
therapeutic role of hepcidin has been established in patients with
polycythemia vera and hereditary hemochromatosis, and is being
studied for the treatment of diseases associated with iron
overload, including beta-thalassemia, myelodysplastic syndromes,
and sickle cell disease.
About Arix Bioscience plc
Arix Bioscience plc is a global 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 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
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 180589
EQS News ID: 1417989
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