OSLO/COPENHAGEN, May 4th 2021 – Arxx Therapeutics (‘Arxx’), a preclinical stage biotechnology company pioneering the development of a novel therapeutic for fibrotic disease today announced the closing of a NOK 110 million (~ $13m) seed financing round.
Arxx welcomes the new investors RASMUSSENGRUPPEN AS, Investinor, Altitude Capital and Veen Eiendom, alongside the existing participating investors P53, Sarsia Seed, Trond Mohn Stiftelsen, MP Pensjon, Asteroidebakken and Andenes Invest.
The proceeds of this fundraise will support IND/CTA-enabling activities of Arxx’s lead compound AX-202, a first-in-class high-affinity, fully humanized monoclonal antibody that modulates pivotal pathways involved in chronic inflammation and non-resolving tissue fibrosis.
“We are very pleased with successfully closing the seed financing. The funding will enable us to complete the non-clinical program for AX-202 and begin preparations for clinical studies. Fibrotic disease remains an important unmet medical need. AX-202 represents a new anti-fibrotic therapeutic concept that we believe has the potential to have a significant impact on patient care.” said Rizwan Hussain MD PhD, CEO of Arxx Therapeutics.
“We are delighted to welcome RASMUSSENGRUPPEN AS, Investinor, Altitude Capital and Veen Eiendom to our existing shareholder base. The proceeds from this round put Arxx in a strong position to execute on its plans to advance the exciting and solid science the company is built upon to clinical stage. We are confident about the potential of AX-202 to address the significant need for new disease-modifying therapies among patients with fibrotic disease.” said Chair of the Board of Arxx Therapeutics Susanne Stuffers MD PhD.
About Arxx Therapeutics
Arxx Therapeutics is a Scandinavian biotechnology company founded by scientists and drug developers dedicated to help the large number of patients whose lives are impacted by fibrotic disease. Arxx is leveraging more than 30 years of research by its scientific co-founders uncovering the pathobiology of S100A4; a Damage Associated Molecular Pattern protein upregulated upon stress or injury allowing cells to sense and react to danger. In chronically diseased tissue, S100A4 is inappropriately activated which leads to persistent inflammation and non-resolving tissue fibrosis. The company’s lead candidate, AX-202, is a fully humanized, high-affinity monoclonal antibody neutralizing the bioactivity of S100A4. AX-202 confers targeted, upstream and disease-specific modulation of the self-sustaining feedback loop driving persistent fibrogenesis.
Rizwan Hussain MD PhD, CEO