Artax Biopharma, Inc., a clinical stage biotechnology company focused on transforming the treatment of T Cell-mediated pathologies, announces the close of a $26 million financing round to develop AX-158, the Company’s first oral small molecule immunomodulating agent. New investors, Eli Lilly and Company and Sound Bioventures, participated alongside existing investors Advent Life Sciences, Columbus Venture Partners, Belinda Termeer and other Company shareholders.
Artax will use these funds to support the clinical development of AX-158 in autoimmune diseases, including the addition of key clinical development personnel. AX-158 employs a first-in-class mechanism of action that selectively modulates inappropriate T cell activation, a cause of autoimmune disease. AX-158 has the potential to treat T Cell-mediated diseases without the risk of immunosuppression. Artax’s ongoing Phase 1 clinical trial is assessing the safety, exposure, and pharmacokinetics of AX-158 in healthy volunteers and includes ex vivo stimulated measures of its pharmacodynamic activity. In preclinical studies, AX-158 demonstrated potential to treat T Cell-mediated diseases by decreasing key cytokines including INFγ, TNFα, IL-2, IL-1 and IL-6 in whole human blood samples.
“We are pleased to welcome Lilly and Sound Bioventures as new investors as we continue to develop our unique immunomodulating agent for patients with T Cell-driven conditions, including autoimmune diseases. We believe AX-158’s immunomodulating effect has the potential to make a transformative difference for patients living with T Cell-driven conditions, without impacting healthy immune system function,” said Joseph Lobacki, Chief Executive Officer of Artax Biopharma.
“We are also excited to welcome Casper Breum, Managing Partner of Sound Bioventures, who will join the Artax Board of Directors,” said Mr. Lobacki. “Mr. Breum’s experience will be a valuable asset to guide the Company’s strategy.”