CORRECT: Arix Bioscience Leads USD45 Million Financing For LogicBio
(Correcting that SBI Japan-Israel Innovation Fund participated in the placing, not State Bank of India.)
LONDON (Alliance News) - Arix Bioscience PLC on Wednesday said it led an oversubscribed USD45 million Series B financing round for LogicBio Therapeutics Inc, a new business focused on breakthrough, disease-modifying gene therapies for orphan paediatric diseases.
The financing also included new investors OrbiMed Advisors LLC, Edmond De Rothschild Investment Partners, Pontifax Ltd, and SBI Japan-Israel Innovation Fund. Arix's Investment Manager Daniel O'Connell will join Logicbio's board of directors.
Further details of Arix's investment and stake in LogicBio were not disclosed, but Arix said that, including the new Series B financing, LogicBio has raised a total of around USD50 million to date. The proceeds will be used to drive LogicBio's lead programmes into clinical studies.
"Early intervention for rare genetic disorders in children is important, and LogicBio is uniquely positioned at the forefront of this research area with its proprietary genetic therapy technology to deliver a durable cure for young patients with life-threatening genetic diseases and otherwise limited options. LogicBio has huge potential and, alongside its excellent team and investors, we look forward to supporting the company to achieve continued success in this area," said Chief Executive Officer Joe Anderson in a statement.
Shares in Arix closed down 0.2% at 205.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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