arGEN-X raises EUR 5 million from PMV in extension of EUR 32.5 million series B
4 November 2013, Breda, The Netherlands / Ghent, Belgium – arGEN-X has raised EUR 5 million ($6.8 million) as an extension of its series B financing round from the Flemish investment company PMV as a new investor. arGEN-X’ series B round, which had its first close in December 2011, now totals EUR 32.5 million ($44 million).
The proceeds will be used to accelerate the Company‘s ARGX-113 preclinical program towards clinical development. ARGX-113 is a novel therapeutic approach to virtually any antibody-mediated pathology. ARGX-113 exploits arGEN-X’ proprietary ABDEG™ technology which clears and degrades systemic disease-causing autoantibodies. ARGX-113 is applicable to most autoimmune diseases (e.g. rheumatoid arthritis, systemic lupus erythmatosus), including unmet orphan indications (e.g. myasthenia gravis, immune thrombocytopenic purpura, Kawasaki disease). ARGX-113 has also a potential use in other therapies where anti-drug antibodies eventually reduce or neutralize the effect of therapeutic proteins.
PMV is an independent investment company that invests in companies contributing to sustainable economic development in the region of Flanders. PMV has a EUR 900m portfolio of assets under management. Life sciences represent a particular focus area for PMV’s corporate investments. At arGEN-X, PMV joins a blue-chip group of international investors including OrbiMed Advisors, Seventure Partners, Forbion Capital Partners, Omnes Capital, LSP, BioGeneration Ventures, the Erasmus Biomedical Fund, Thuja Capital and VIB.
Tim Van Hauwermeiren, CEO of arGEN-X, commented: “The ARGX-113 program has made rapid and exciting progress since we started preclinical studies in April 2013. The results of these studies are encouraging and are giving us important insights to the potential of this unique approach for treating autoimmune diseases and enhancing the efficacy and duration of protein therapies.”
“Having initiated clinical trials this year with ARGX-110, an anti-CD70 SIMPLE Antibody™, and with ARGX-111, an anti-cMet SIMPLE Antibody™, which are being tested in a range of cancers, we welcome this investment by PMV, which will enable us to accelerate the development of ARGX-113 towards the clinic. As a prominent local investor, PMV joins IWT and VIB as an important Flemish biotech stakeholder in our company.”
Dr. Chris De Jonghe, Group Manager Venture Capital at PMV added: “We are impressed by the quality of the science and therapeutic programs at arGEN-X. The phenomenal productivity and capital efficiency of arGEN-X positions them as a leader in their field. With this investment, PMV further emphasizes its strategy to invest in outstanding companies in the Flemish biotech ecosystem. We are proud to become part of the arGEN-X story.”