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IN BRIEF: Arix Bio portfolio company Disc raises USD157.8 million

23rd Jun 2023 14:28

Arix Bioscience PLC - London-headquartered venture capital company focused on biotechnology companies - Says its portfolio company Disc Medicine has raised USD157.8 million via a placing of 3.0 million new shares and pre-funded warrants to purchase 204,081 shares. Says the shares were sold at USD49.00 per share. Says Disc will use the funds for the research and clinical development of its current or additional product candidates, as well as for working capital. Notes that Arix's holding in Disc has reduced from 3.1% to 2.7% following the placing.

Arix Chief Executive Robert Lyne said: "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."

Current stock price: 101.50 pence

12-month change: down 9.6%

By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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