Arix Bioscience PLC (ARIX) Portfolio Company Disc Medicine
Completes Merger with Gemini Therapeutics 30-Dec-2022 / 07:01
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 Completes Merger with Gemini
Therapeutics
LONDON, 30 December 2022: Arix Bioscience plc ("Arix" or the
"Company") (LSE: ARIX), a global venture capital company focused on
investing in breakthrough biotechnology companies, notes that its
portfolio company, Disc Medicine, Inc. ("Disc"), has today
completed its previously announced merger with Gemini Therapeutics,
Inc. ("Gemini"), following the approval of Gemini shareholders.
The combined company will focus on advancing Disc's pipeline of
haematology programs. It will operate under the name Disc Medicine,
Inc. and its shares will commence trading on the Nasdaq Global
Market under the ticker symbol IRON.
Concurrent with the closing of the merger, Disc completed a
USD53.5 million financing in which Arix participated alongside an
investor syndicate of healthcare investors, led by Access
Biotechnology and included OrbiMed, Atlas Venture, 5AM Ventures,
Novo Holdings A/S, Rock Springs Capital, and Janus Henderson
Investors. The projected cash and cash equivalents as of the close
of the business combination are expected to be approximately USD175
million, providing operating runway into 2025.
Robert Lyne, CEO of Arix Bioscience, said: "We are thrilled to
see the completion of Disc's merger with Gemini and its concurrent
fundraise, which positions Disc well to build on the rapid progress
made in its diversified clinical stage pipeline of products. This
merger, completing 15 months since our first investment in Disc, is
testament to the strength of Arix's refocused strategy to invest in
companies with nearer-term value inflection points, and we look
forward to seeing further progress in its product pipeline,
importantly focused on diseases of unmet medical need."
[ENDS]
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
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 the Merger
Prior to the closing of the merger, Gemini effected a 1 for 10
reverse stock split of its common stock. Following the reverse
stock split and closing of the merger, there will be approximately
17 million shares of the combined company's common stock
outstanding with prior Disc shareholders owning approximately 74%
and prior Gemini shareholders owning 26%. The combined company will
be led by John Quisel, J.D., Ph.D., the current CEO and President
of Disc, and other members of the Disc management team. The Board
of Directors of the combined company will be composed of nine
members, including eight Disc board members and one board member
from Gemini. SVB Securities served as the exclusive financial
advisor to Gemini and Wilmer Cutler Pickering Hale and Dorr LLP
served as Gemini's legal counsel. Morgan Stanley served as the lead
financial advisor to Disc along with Wedbush PacGrow, and Goodwin
Procter LLP served as Disc's legal counsel.
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: 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.: 212158
EQS News ID: 1523895
End of Announcement EQS News Service
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