LONDON, 23 October 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 Core Portfolio company, Harpoon Therapeutics (“Harpoon”), has announced it has entered into a securities purchase agreement for a private placement in public equity (“PIPE”) financing that is expected to result in upfront gross proceeds of approximately $100 million, with up to an additional approximately $50 million of gross proceeds upon cash exercise of warrants, before deducting placement agent fees and offering expenses.

The PIPE financing was led by a leading biotechnology investor associated with one of the largest alternative asset managers, with participation from new and existing investors including Soleus Capital, Commodore Capital, New Leaf Venture Partners, Cormorant Asset Management, RA Capital Management, Invus, Surveyor Capital (a Citadel company), K2 HealthVentures, Ally Bridge Group, Lion Point Capital, and a large mutual fund.

Arix’s holding value will continue to be determined by the market price of Harpoon’s shares.

Harpoon intends to use the net proceeds to fund its clinical development programs from its platforms, including ongoing as well as future late-stage clinical studies of HPN328. The proceeds will also be used for working capital and other general corporate purposes. The aggregate proceeds from this financing, combined with current cash and cash equivalents, are expected to be sufficient to fund the current operating plan into 2026.

“Following the announcement of strong data sets across Harpoon’s best-in-class immunotherapy pipeline, we welcome this private placement alongside the addition of quality new investors on the register. This placement represents an additional vote of confidence by these new and existing investors, further underpinning Harpoon with a strong cash runway going into 2026.”

Robert Lyne, CEO of Arix

The full text from Harpoon’s announcement is reproduced below, and can be accessed on Harpoon Therapeutics’ website at: