Artax Biopharma Raises $8 Million Ahead of Phase 2a Data Expected in Q4-2024

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Aug 06, 2024, 08:08 ET

Strong support from existing shareholders which includes Lilly, Advent Life Sciences, Columbus Ventures, Sound Bioventures and Belinda Termeer

CAMBRIDGE, Mass., Aug. 6, 2024 /PRNewswire/ -- Artax Biopharma, Inc., a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases, today announces the closure of an $8 million convertible debt financing, supported by Eli Lilly and Company, Advent Life Sciences, Columbus Ventures, Sound Bioventures and Belinda Termeer.

Artax's lead asset, AX-158, is the first in a new class of Nck blockers, which have the potential to establish a new standard of care in autoimmune disease treatment. The molecule acts by selectively targeting Nck function, which plays a critical role in immune system function, and recalibrates the body's T-cell receptor (TCR) responses. This recalibration to responses allows the immune system to continue functioning properly and activate only when it recognizes true disease threats – preventing self-activation without causing immune suppression that makes the body susceptible to numerous infections. Results from the Phase 2a clinical trial in psoriasis is expected before year end.

"We have been strong believers in the broad potential of Nck modulation and very much look forward to see the highly anticipated topline data of first-in-class Nck modulator AX-158 in psoriasis later this year," said Damià Tormo, a partner at Columbus Venture Partners. "Artax has a highly experienced team who have executed well, getting us into position to discover what Nck modulation can mean for autoimmune patients."

"We are very grateful to participating shareholders, who see great promise in Nck modulation to address unmet need in autoimmune disease, for their continued support as we execute on our strategy to make Nck a universal oral therapy for autoimmune diseases. We are now well on our way to announcing first patient data with lead program AX-158 in psoriasis patients later this year," commented Artax Chief Executive Officer, Rob Armstrong, Ph.D.

About Artax Biopharma
Artax Biopharma is a clinical-stage biotechnology company transforming the treatment of T Cell-driven autoimmune diseases. Artax's first-in-class oral small molecules aim to deliver immune system modulation without immunosuppression, potentially unlocking new treatment options as both monotherapy and in combination with other treatments. The lead program AX-158 will deliver Phase 2a Proof of Concept data in psoriasis later in 2024.

We believe there is significant potential for its approach to revolutionize treatment of T Cell-driven diseases. Immunomodulation maintains healthy control of the immune system and addresses the underlying source of T Cell-driven diseases. Central to a well-functioning immune system is the T Cell Receptor (TCR). When TCR signaling becomes dysregulated, it causes T Cell-driven conditions, including autoimmune diseases, and induced T Cell pathologies where medical treatments result in immune reactions (such as stem cell transplants resulting in acute graft-versus-host-disease or immuno-oncology treatments resulting in immune related-adverse events). We believe the immunomodulation mechanism offered by our investigational agents holds broad potential to revolutionize how these T Cell-driven autoimmune diseases are addressed, while not impairing the ability of a patient's immune system to function properly.

Artax Biopharma is based in the Boston area and raised Series A & B and a convertible debt financing from Eli Lilly & Co., Advent Life Sciences, Sound Bioventures, Columbus Venture Partners, and others. For more info, see www.artaxbiopharma.com or follow us on LinkedIn.

SOURCE Artax Biopharma