Arix Bioscience co-leads $29 million Series A financing for PreciThera, Inc.

27th July 2017

Funding to develop novel biologics targeting orphan bone diseases into clinical trials

LONDON, 27 July 2017:

Arix Bioscience plc (LSE: ARIX) (“Arix Bioscience” or “Arix”), a global healthcare and life science company supporting medical innovation, today announces that it has co-led an oversubscribed Series A financing round raising $29 million ($36 million CAD) for PreciThera, Inc. (“PreciThera”), a new Arix Group Business focused on developing novel biological therapeutics to treat orphan bone diseases.

The fundraising comprises a strong syndicate of Canada and US-based life science investors: Sanderling Ventures, Fonds de solidarité FTQ, CTI Life Sciences Fund, and Emerillon Capital. Arix Bioscience’s Investment Manager, Daniel O’Connell, MD, PhD, will join PreciThera’s Board of Directors.

Proceeds of the Series A financing will be used to develop novel molecules and to advance PreciThera’s lead candidate through IND and into clinical studies with the goal to establish clinical proof of concept and identify a path to registration.

PreciThera is focusing on orphan bone diseases that cannot be treated via traditional protein replacement therapies. The company utilizes a combination of informatics-based tools to combine information from RNA sequencing and from genomic and clinical databases to validate the major pathway responsible for clinical symptoms in rare genetic disorders. Its precision medicine strategy is particularly well suited to address genetic diseases that, until now, were classified based on their clinical manifestations and treated with non-specific agents. By leveraging both a novel understanding of the biology of these disorders and its precision medicine strategy, PreciThera aims to achieve truly disease-modifying outcomes for patients.

Industry veterans and scientific experts Dr. Philippe Crine and Dr. Susan Schiavi founded Montreal, Canada-based PreciThera in 2016. Prior to PreciThera, Dr. Crine founded Enobia Pharma, which advanced its lead product, asfotase alfa, into clinical development for treatment of the orphan bone disease hypophosphatasia. Enobia Pharma was acquired for $1.1B in 2012 by Alexion, which now markets the product as Strensiq. Dr. Schiavi brings bone and metabolic disease expertise from her many years as director of Genzyme‘s Bone and Mineral Metabolism team in support of the company’s blockbuster drug, Renvela.

“PreciThera’s novel understanding and approach to treating orphan bone disorders has great potential to deliver truly disease modifying outcomes for patients with serious unmet medical needs. We are very pleased to join the company alongside an impressive team of founders and co-investors, and are delighted to mark another important deal for Arix.”

Joe Anderson, Chief Executive Officer of Arix Bioscience plc