Arix Bioscience plc Arix Bioscience announces first VIPE investment

 
TIDMARIX 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF THE EU 
                      MARKET ABUSE REGULATION NO.596/2014 
 
                Arix Bioscience announces first VIPE investment 
 
  Arix Bioscience leads A$24 million (GBP13.4 million) financing for Pharmaxis 
 
       Funding to accelerate the development of Pharmaxis' fibrosis and 
anti-inflammatory programmes, as the company advances numerous candidates from 
                   its Amine Oxidase drug discovery platform 
 
   First Venture Investment in Public Equity (VIPE) led by Arix, taking core 
                           portfolio to 14 companies 
 
LONDON, 6 August 2018:  Arix Bioscience plc (LSE: ARIX), a global healthcare 
and life science company supporting medical innovation, today announces that it 
has acquired an 11 per cent interest in Pharmaxis Ltd (ASX: PXS), an Australian 
pharmaceutical research company focused on inflammation and fibrosis with a 
portfolio of products at various stages of development and approval. 
 
The A$24 million (GBP13.4 million) primary placing was led by Arix Bioscience and 
included participation from existing investors BVF Partners L.P., and supported 
by other existing shareholders. 
 
Arix Bioscience has invested A$14.2 million (GBP8.0 million) in a two tranche 
placement, and following shareholder approval of the second tranche, 
Arix will hold approximately 11 per cent of the total outstanding shares 
of Pharmaxis. The Pharmaxis Board has approved the nomination of Arix's Edward 
Rayner to join the Board at the EGM in September 2018. 
 
Pharmaxis' lead development programme is an anti-fibrotic Lysyl Oxidase-Like 
type 2 (LOXL2) inhibitor.  This is an exciting enzymatic target that acts at a 
crucial stage of pathogenic fibrosis. The net proceeds of the placing will be 
used to further develop the programme for the treatment of a range of fibrotic 
diseases, including Non-alcoholic Steatohepatitis (NASH), Idiopathic Pulmonary 
Fibrosis (IPF), heart and kidney fibrosis.  The first stage of phase 1 studies 
has demonstrated a best in class profile for LOXL-2 inhibitors with two 
compounds achieving significant and long-lasting inhibition of LOXL-2 
enzyme after a single oral dose.  The final stages of the phase 1 studies and 
phase 2 enabling toxicity studies are expected to be completed in the third 
quarter of 2018. 
 
The first molecule produced by Pharmaxis' drug discovery platform was sold to 
Boehringer Ingelheim in 2015 and is currently in phase 2 trials for NASH and 
Diabetic Retinopathy. The company has two more programmes that are rapidly 
moving towards the clinic. 
 
Joe Anderson, Chief Executive Officer of Arix Bioscience, commented: "We 
are very pleased to have led Pharmaxis' successful financing as it continues to 
build its position as a world leader in mechanism-based inhibitors of amine 
oxidases for patients suffering from fibrotic and inflammatory diseases.  This 
is the first investment in a public company that Arix has led and 
reflects our flexibility and commitment to providing capital to innovative 
companies with strong leadership teams. We see a number of opportunities to 
help build high value companies through our VIPE strategy. 
 
"In addition, it is our first investment in a company based in Australia, 
demonstrating our growing global reach, where we see a rich landscape of 
world-class science and high quality companies. We look forward to supporting 
Pharmaxis' ambitious and internationally-experienced management team in 
developing these potentially first-in-class treatments for patients while we 
continue to build value for our shareholders." 
 
Gary Phillips, Chief Executive Officer of Pharmaxis, commented: "We are 
delighted with the strong support for the capital raising from Arix and our 
existing shareholders, as we head into partnering negotiations for our LOXL2 
inhibitor program. This will put Pharmaxis in a strong position to negotiate 
the best partnering outcome and continue investing in its preclinical pipeline. 
 Pharmaxis will also be strengthened by the Arix's extensive global networks 
and deep industry knowledge, which will help accelerate the company's next 
phase of growth and development." 
 
ENDS 
 
Enquiries 
 
For more information on Arix, please contact: 
 
Arix Bioscience plc 
 
Charlotte Parry, Head of Investor Relations 
 
[phone] 
 
[e-mail] 
 
Optimum Strategic Communications 
 
Mary Clark, Supriya Mathur, Hollie Vile 
 
[phone] 
 
[e-mail] 
 
Burns McClellan (US Media & IR Enquiries) 
 
Lisa Burns, Bill Slattery Jr., Nancie Steinberg 
 
[phone] 
 
[e-mail] 
 
About Arix Bioscience plc 
 
Arix Bioscience plc is a global healthcare and life science company supporting 
medical innovation. Headquartered in London and with an office in New York, 
Arix Bioscience sources, finances and builds world class healthcare and life 
science businesses addressing medical innovation at all stages of development. 
Operations are supported by privileged access to breakthrough academic science 
and strategic relationships with leading research accelerators and global 
pharmaceutical companies. 
 
Arix Bioscience plc is listed on the Main Market of the London Stock Exchange. 
For further information, please visit www.arixbioscience.com 
 
About Pharmaxis 
 
Pharmaxis (ACN 082 811 630) is an Australian pharmaceutical research company 
focused on inflammation and fibrosis with a portfolio of products at various 
stages of development and approval. Its product Bronchitol® for cystic fibrosis 
is marketed in Europe, Russia and Australia. Its product Aridol® for the 
assessment of asthma is sold in Europe, Australia and Asia. The company's 
development pipeline is centred on its expertise in amine oxidase chemistry and 
includes a series of Lysyl Oxidase Inhibitors under clinical development 
targeting fibrotic diseases of the heart, kidney, liver and lung. In May 2015, 
Boehringer Ingelheim acquired the Pharmaxis investigational drug PXS? 4728A, a 
potent inhibitor of Semicarbazide?Sensitive Amine Oxidase (SSAO), to develop it 
for the treatment of the liver?related condition Non?alcoholic Steatohepatitis 
(NASH) and other inflammatory diseases. Pharmaxis is listed on the Australian 
Securities Exchange (symbol PXS). The company's head office, manufacturing and 
research facilities are located in Sydney, Australia. For more information 
about Pharmaxis, please see www.pharmaxis.com.au 
 
 
 
END 
 

(END) Dow Jones Newswires

August 06, 2018 02:00 ET (06:00 GMT)