Life sciences investor Arix Bioscience Plc (LON:ARIX) has poured another £5.4mln into LogicBio Therapeutics as part of the gene editing specialist’s IPO in New York today (Friday).
The investment will keep Arix’s stake in LogicBio at 13.5%.
LogicBio, which is developing a genome editing platform called GeneRide, is selling shares at US$10 apiece as part of the flotation, valuing it at around £170mln (US$220mln) post-money.
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That means Arix’s current investment, previously valued at just shy of £5mln, is now worth £17.5mln.
Including the additional investment announced on Friday, Arix’s total stake in LogicBio now sits at £22.9mln.
“Gene therapy offers great promise for tackling rare diseases and the science is advancing rapidly,” said Arix chief investment officer Joe Anderson.
“Genetic disease in early childhood presents a particular set of challenges, which we believe LogicBio has the potential to address with its GeneRide technology. We continue to work with the company as it advances towards the clinic with potential breakthrough treatments for patients.”
LogicBio’s is the third public listing of an Arix company – after Autolus and Iterum – and comes just three years after LogicBio's inception.
Arix shares were unmoved at 172.1p in early deals on Friday.