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Arix portfolio firm Amplyx extends its series C funding
20th May 2020 10:24
(Sharecast News) - Venture capital company Arix Bioscience noted on Wednesday that its portfolio company, Amplyx Pharmaceuticals, has closed a $53m (£43.22m) series C extension.
The London-listed firm said it participated in the series C in 2017, committing $6m in two tranches.
It said $3.6m of that commitment was drawn down on close of the series C in August 2017, with the remaining $2.4m drawn down in December 2019, to complete the series C financing.
That financing had now been extended to include additional capital from new investors Pfizer and Adage Capital, on the original series C terms.
"This additional capital brings the total series C funds to over $90.0 million, which will be used to advance the clinical development of the company's two product candidates, 'fosmanogepix' and 'MAU868', for the treatment of life-threatening fungal infections and BK virus," the Arix board said in its statement.
Arix said it had retained a stake of 3.0% in Amplyx, valued at $6.4m.
The London-listed firm said it participated in the series C in 2017, committing $6m in two tranches.
It said $3.6m of that commitment was drawn down on close of the series C in August 2017, with the remaining $2.4m drawn down in December 2019, to complete the series C financing.
That financing had now been extended to include additional capital from new investors Pfizer and Adage Capital, on the original series C terms.
"This additional capital brings the total series C funds to over $90.0 million, which will be used to advance the clinical development of the company's two product candidates, 'fosmanogepix' and 'MAU868', for the treatment of life-threatening fungal infections and BK virus," the Arix board said in its statement.
Arix said it had retained a stake of 3.0% in Amplyx, valued at $6.4m.