Arix Bioscience has raised $45 million by a Series B financing round for LogicBio Therapeutics, a new Arix Group Business focused on gene therapies for orphan paediatric diseases.
Arix said on Wednesday that the fundraising led by Arix Bioscience included new investors OrbiMed, Edmond De Rothschild Investment Partners, Pontifax, and SBI, along with previous investors OrbiMed Israel Partners. As part of the financing, Arix Bioscience’s Investment Manager, Daniel O’Connell, MD, PhD, will join LogicBio’s Board of Directors.
Including the Series B financing announced today, LogicBio has raised a total of approximately $50 million in financing to date. Proceeds of the Series B financing will be used to complete pre-clinical development and advance the company’s lead programmes into clinical studies.
Cambridge, MA-based LogicBio is a breakthrough gene therapy company targeting lifelong cures for serious, early-onset rare diseases by combining the best of gene therapy and gene editing in a one-time treatment, Arix Bioscience explained.
Furthermore, the first platform, GeneRide, is a technology that uses homologous recombination to enable precise, site-specific transfer of therapeutic genetic material without the use of promoters or nucleases. The company also has access to a library of synthetic, non-pathogenic, recombinant adeno-associated viral (rAAV) vectors developed at Stanford that allows for better predictability of vector performance in clinical trials.
Joe Anderson, Chief Executive Officer of Arix Bioscience said that early intervention for rare genetic disorders in children is important and that LogicBio is positioned for this research area with its proprietary genetic therapy technology to deliver a durable cure for young patients with life-threatening genetic diseases and otherwise limited options.
“LogicBio has huge potential and, alongside its excellent team and investors, we look forward to supporting the company to achieve continued success in this area,” Anderson said