LONDON, 23 June 2023: Arix Bioscience plc (“Arix” or the “Company”) (LSE: ARIX), a transatlantic venture capital company focused on investing in breakthrough biotechnology companies, notes that its portfolio company, Disc Medicine, today announced the closing of its underwritten public offering of common stock and pre-funded warrants, generating aggregate gross proceeds to Disc Medicine of approximately $157.8 million.

The public offering comprised the sale of 3,015,919 shares of common stock and, in lieu of common stock to certain investors that so chose, pre-funded warrants to purchase 204,081 shares of its common stock. The shares of common stock sold include 420,000 shares pursuant to the option granted by Disc to the underwriters, which option was exercised in full. The shares of common stock were sold at a public offering price of $49.00 per share, and the pre-funded warrants were sold at a public offering price of $48.9999 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each such pre-funded warrant.

Disc will use the funds for research and the clinical development of its current or additional product candidates, as well as for working capital and other general corporate purposes.

Following the fundraise, Arix’s percentage holding has been diluted from 3.1% to 2.7%. The holding value will continue to be determined by the market price of Disc Medicine’s shares which has performed strongly since its reverse merger at the end of 2022.

“Disc Medicine has built a platform around a world class management team and a pipeline of assets that address an underserved need in the treatment of haematologic diseases. Following the recently announced Phase 2 data from the company’s bitopertin programme, the success of the Disc fundraising in the current macro environment is a validation of our strategy to back the major biotech companies of tomorrow. All of this has been achieved in less than two years since our initial investment.”

Robert Lyne, CEO of Arix Bioscience