Artax Biopharma, a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases, announced the closing 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 and this plays a major role in immune system function and recalibrates the body’s T-cell receptor (TCR) responses.
This recalibration of responses enables the immune system to continue functioning correctly and activate only when it recognizes true disease threats. It prevents self-activation without causing immune suppression that makes the body susceptible to numerous infections. Results from the Phase 2a clinical trial in psoriasis are expected before year-end.
KEY QUOTES:
“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. Artax has a highly experienced team who have executed well, getting us into position to discover what Nck modulation can mean for autoimmune patients.”
- Damià Tormo, a partner at Columbus Venture Partners
“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.”
- Artax Chief Executive Officer, Rob Armstrong, Ph.D
