Strong support from existing shareholders
which includes Lilly, Advent Life Sciences, Columbus Ventures,
Sound Bioventures and Belinda
Termeer
CAMBRIDGE, Mass., Aug. 6, 2024
/PRNewswire/ -- Artax Biopharma, Inc., a clinical-stage
biotechnology company focused on transforming the treatment of
autoimmune diseases, today announces the closure of an $8 million convertible debt financing, supported
by Eli Lilly and Company, Advent Life Sciences, Columbus Ventures,
Sound Bioventures and Belinda
Termeer.
Artax's lead asset, AX-158, is the first in a new class of Nck
blockers, which have the potential to establish a new standard of
care in autoimmune disease treatment. The molecule acts by
selectively targeting Nck function, which plays a critical role in
immune system function, and recalibrates the body's T-cell
receptor (TCR) responses. This recalibration to responses allows
the immune system to continue functioning properly and activate
only when it recognizes true disease threats – preventing
self-activation without causing immune suppression that makes the
body susceptible to numerous infections. Results from the Phase 2a
clinical trial in psoriasis is expected before year end.
"We have been strong believers in the broad potential of Nck
modulation and very much look forward to see the highly anticipated
topline data of first-in-class Nck modulator AX-158 in psoriasis
later this year," said Damià Tormo, a partner at Columbus Venture
Partners. "Artax has a highly experienced team who have executed
well, getting us into position to discover what Nck modulation can
mean for autoimmune patients."
"We are very grateful to participating shareholders, who see
great promise in Nck modulation to address unmet need in autoimmune
disease, for their continued support as we execute on our strategy
to make Nck a universal oral therapy for autoimmune diseases. We
are now well on our way to announcing first patient data with lead
program AX-158 in psoriasis patients later this year," commented
Artax Chief Executive Officer, Rob
Armstrong, Ph.D.
About Artax Biopharma
Artax Biopharma is a clinical-stage biotechnology company
transforming the treatment of T Cell-driven autoimmune diseases.
Artax's first-in-class oral small molecules aim to deliver immune
system modulation without immunosuppression, potentially unlocking
new treatment options as both monotherapy and in combination
with other treatments. The lead program AX-158 will deliver Phase
2a Proof of Concept data in psoriasis later in 2024.
We believe there is significant potential for its approach to
revolutionize treatment of T Cell-driven diseases. Immunomodulation
maintains healthy control of the immune system and addresses the
underlying source of T Cell-driven diseases. Central to a
well-functioning immune system is the T Cell Receptor (TCR). When
TCR signaling becomes dysregulated, it causes T Cell-driven
conditions, including autoimmune diseases, and induced T Cell
pathologies where medical treatments result in immune reactions
(such as stem cell transplants resulting in acute
graft-versus-host-disease or immuno-oncology treatments resulting
in immune related-adverse events). We believe the immunomodulation
mechanism offered by our investigational agents holds broad
potential to revolutionize how these T Cell-driven autoimmune
diseases are addressed, while not impairing the ability of a
patient's immune system to function properly.
Artax Biopharma is based in the Boston area and raised Series A & B and a
convertible debt financing from Eli Lilly & Co., Advent Life
Sciences, Sound Bioventures, Columbus Venture Partners, and others.
For more info, see www.artaxbiopharma.com or follow us on
LinkedIn.
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SOURCE Artax Biopharma