Arix Bioscience has led an oversubscribed series B financing round raising $45m for LogicBio Therapeutics, a new Arix Group business focused on breakthrough, disease-modifying gene therapies for orphan paediatric diseases. The fundraising included new investors OrbiMed, Edmond De Rothschild Investment Partners, Pontifax, and SBI, along with previous investors OrbiMed Israel Partners.
Arix Bioscience investment manager, Daniel O'Connell, will join LogicBio's board as part of the financing.
LogicBio is a breakthrough gene therapy company targeting lifelong cures for serious, early-onset rare diseases by combining the best of gene therapy and gene editing in a one-time treatment.
The company was founded with core platform technologies discovered by Dr Adi Barzel, Tel Aviv University, Dr Leszek Lisowski, Children's Medical Research Institute, Australia, and Professor Mark Kay at Stanford University School of Medicine.
The first platform, GeneRide, is a technology that uses homologous recombination to enable precise, site-specific transfer of therapeutic genetic material without the use of promoters or nucleases.
The company also has access to a library of synthetic, non-pathogenic, recombinant adeno-associated viral (rAAV) vectors developed at Stanford that allows for better predictability of vector performance in clinical trials.
Arix Bioscience chief executive Joe Anderson said: "Early intervention for rare genetic disorders in children is important and LogicBio is uniquely positioned at the forefront of this research area with its proprietary genetic therapy technology to deliver a durable cure for young patients with life-threatening genetic diseases and otherwise limited options.
"LogicBio has huge potential and, alongside its excellent team and investors, we look forward to supporting the company to achieve continued success in this area."
At 8:06am: (LON:ARIX) Arix Bioscience Plc share price was 0p at 205.5p