Arix Bioscience PLC (LON:ARIX), the early-stage biotech investor, has made a first investment in Pyxis Oncology.
The LSE-listed company led a US$152mln Series B financing for Pyxis, which specialises in antibody-drug conjugates (ADCs) and immunotherapies.
ADCs are a growing class of therapies that deliver highly potent targeted treatments directly to cancer cells.
Arix will have a 5.6% ownership stake following the funding round while managing director Christian Schetter will join the Pyxis board.
Schetter said: “Immuno-oncology and ADCs represent two of the most promising strategies for treating cancer and we look forward to supporting this team of industry veterans as they build on their history of advancing ground-breaking therapies for patients suffering from difficult-to-treat cancers."
Lara Sullivan, Pyxis’s chief executive, added: ¨Arix were instrumental in putting together this investor syndicate and we value their experience in oncology, as we strive to improve the lives of patients with difficult-to-treat cancers, with our potentially ground-breaking ADCs and immunotherapies.
“This financing strengthens our ability to build a differentiated portfolio of biologics and allows us to accelerate our efforts to advance multiple promising programs into Phase 1 clinical trials."