StockMarketWire.com - Arix Bioscience said Friday it had become the largest shareholder in its group business Artios after the company participated in the latter's oversubscribed £65m Series B financing.

As part of the Financing, Arix committed to invest £8m over two tranches, complete its remaining £1.5m Series A commitment and invest a further £0.6m by purchasing a stake from an existing shareholder.

Following the investment, Arix became the largest shareholder in Artios, with a 12.4% stake on a fully diluted basis.

The new funds from the Series B financing would enable Artios to advance its portfolio of small molecule DDR programmes, including its lead programme targeting DNA polymerase theta through clinical proof of concept trials.

'Artios is actively developing a pipeline of highly promising, first-in-class DDR therapies which have the potential to bring real impact to cancer patients,' said Joe Anderson, Chief Executive Officer of Arix Bioscience.


At 9:51am: [LON:ARIX] Arix Bioscience Plc share price was +1.5p at 163.5p



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