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Arix Biosciences making progress as well as adding value

Three of Arix's investee companies will be busy in the coming months, while a fourth now has the financial runway to expand its ground-breaking research
researcher using microscope
The initial read-out from the Verona Pharma Phase III trial is expected early next year

Arix Bioscience PLC (LON:ARIX) said it had seen a significant uplift in the value of one of its investee companies and updated on the progress of three other drug developers in which it holds interests.

The book value of its stake in Artios Pharma was boosted 26% to £15.3mln following a Series B financing round that was backed by the venture capital arms of industry giants Pfizer and Novartis.

READ: Arix Bioscience has 'keen eye' on Australia as it takes stake in ASX-listed Pharmaxis

Arix invested £8mln as part of the latest fundraiser, paid the remaining £1.5mln tranche from the Series A and bought stock worth £600,000 from a fellow shareholder.

It now has a 12.4% stake in Artios, which is developing DNA damage response technology to treat cancer.

In a second announcement, Arix said three other investee businesses were making progress in the clinic.

Iterum Therapeutics has kicked off a Phase III trial of a next-generation antibiotic targeting multi-drug resistant pathogens. It will be used to treat urinary tract infections.

Harpoon Therapeutics, meanwhile, has begun a Phase I study of an immuno-oncology drug for men with metastatic prostate cancer.

And finally, stock market-listed Verona Pharma PLC (LON:VRP) has begun a Phase II trial of a drug that will be given to people with COPD, a serious lung disease. The initial read-out from this particular clinical assessment is expected in the first quarter of next year.

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