StockMarketWire.com - Healthcare and life science company Arix Bioscience said Monday it had increased its stake in Harpoon Therapeutics following the latest round of financing.
Arix's invested a further $8.0m Harpoon Therapeutics, a clinical-stage immunotherapy company developing a novel class of T cell engagers, as part of a $70m Series C financing round. Following the transaction, Arix’s total stake in Harpoon had increased to £20.2m, including the £6.1m ($8.0 million) Series C investment.
Proceeds from the financing round would be used to support further advancement of Harpoon’s immunotherapy programs based on its tri-specific T cell Activating Construct and protease-activated Tri-specific T Cell activating construct platforms, which were designed to harness the natural power of the body’s immune system to fight cancer and other diseases, Arix said.
Arix retained an 11.3% stake on a fully diluted basis and Arix’s Mark Chin would continue to serve on Harpoon’s board of directors, the company said.
Harpoon’s lead product candidate, HPN424, was currently in a phase 1 clinical trial for the treatment of metastatic castration-resistant prostate cancer, Arix added.
Phase 1 clinical trials for HPN536 for the treatment of mesothelin-expressing tumours, and HPN217 for the treatment of multiple myeloma, were expected in 2019.
At 10:04am: [LON:ARIX] Arix Bioscience Plc share price was 0p at 180p
Story provided by StockMarketWire.com
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