logo-loader
viewArix Bioscience PLC

Arix Bioscience participates in US$70mln Harpoon Series C investment round

Including the £6.1mln Series C investment, the value of Arix’s 11.3% stake in Harpoon has increased to £20.2mln

cancer cell
Harpoon’s lead candidate, HPN224, is currently undergoing a phase I clinical trial

Arix Bioscience Plc (LON:ARIX) has invested another US$8.0mln (£6.1mln) in the US$70mln Series C financing of cancer immunotherapy specialist Harpoon Therapeutics.

The funding round resulted in resulted in a write-up of Arix’s initial investment in Harpoon to £14.1mln, a £4.7mln uplift to the most recent valuation of £9.4mln.

Including the £6.1mln Series C investment, the value of Arix’s 11.3% stake in Harpoon has increased to £20.2mln.

WATCH: Arix investee company Aura reports positive clinical data

Arix investment director Mark Chin will continue to serve on Harpoon’s board of directors.

Harpoon will use the proceeds from the financing to support further advancement of its immunotherapy programs based on its TriTAC and ProTriTAC platforms, which are designed to harness the natural power of the body’s immune system to fight cancer and other diseases.

Its lead candidate, HPN224, is currently in phase I clinical trial as a potential treatment for prostate cancer.

Harpoon also plans to initiate a phase I clinical trials in for HPN536 for the treatment of mesothelin-expressing tumours, and HPN217 for the treatment of multiple myeloma, in 2019.

On top of that, Harpoon expects to advance its first ProTriTAC product candidate into IND-enabling studies in 2019.

Quick facts: Arix Bioscience PLC

Price: 108 GBX

LSE:ARIX
Market: LSE
Market Cap: £146.4 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arix Bioscience PLC named herein, including the promotion by the Company of Arix Bioscience PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Arix Bioscience acquires stake in novel firm developing sickle cell treatment

Arix Bioscience PLC (LON:ARIX) investment associate John Cassidy talks Proactive London through its decision to invest US$15mln (£11.3mln) in Imara - a firm which is developing treatments for sickle cell disease. Through the deal Arix receives a 10% stake in the company while also...

on 19/3/19

2 min read