Arix Bioscience has co-led an oversubscribed Series A financing round raising $29 million for PreciThera, a new Arix Group Business focused on developing novel biological therapeutics to treat orphan bone diseases.
Arix said that 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.
PreciThera is focusing on orphan bone diseases that cannot be treated via traditional protein replacement therapies. The company uses 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.
Joe Anderson, Chief Executive Officer of Arix Bioscience plc, said: “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.”