BREDA, The Netherlands and GHENT, Belgium, November 4, 2013 /PRNewswire/ --
Funds to advance ARGX-113, a novel antibody fragment approach to promote degradation and clearance of disease-causing autoantibodies, towards clinical development
arGEN-X, a clinical stage human therapeutic antibody company, has raised EUR 5 million ($6.8 million) as an extension of its series B financing round from the Flemish investment company PMV as a new investor. arGEN-X' series B round, which had its first close in December 2011, now totals EUR 32.5 million ($44 million).
The proceeds will be used to accelerate the Company's ARGX-113 preclinical program towards clinical development. ARGX-113 is a novel therapeutic approach to virtually any antibody-mediated pathology. ARGX-113 exploits arGEN-X' proprietary ABDEG™ technology which clears and degrades systemic disease-causing autoantibodies. ARGX-113 is applicable to most autoimmune diseases (e.g. rheumatoid arthritis, systemic lupus erythmatosus), including unmet orphan indications (e.g. myasthenia gravis, immune thrombocytopenic purpura, Kawasaki disease). ARGX-113 has also a potential use in other therapies where anti-drug antibodies eventually reduce or neutralize the effect of therapeutic proteins.
PMV is an independent investment company that invests in companies contributing to sustainable economic development in the region of Flanders. PMV has a EUR 900m portfolio of assets under management. Life sciences represent a particular focus area for PMV's corporate investments. At arGEN-X, PMV joins a blue-chip group of international investors including OrbiMed Advisors, Seventure Partners, Forbion Capital Partners, Omnes Capital, LSP, BioGeneration Ventures, the Erasmus Biomedical Fund, Thuja Capital and VIB.
Tim Van Hauwermeiren, CEO of arGEN-X, commented: "The ARGX-113 program has made rapid and exciting progress
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