IP Group plc (LON: IPO), the developer of intellectual property-based businesses, today noted that its portfolio company Artios Pharma Limited, has announced the completion of a £65 million Series B financing.
The financing, which was significantly oversubscribed, was led by Andera Partners and LSP (Life Sciences Partners), with participation by additional new investors Pfizer Ventures and Novartis Venture Fund. Artios’ existing shareholders (IP Group, Arix Bioscience, SV Health Investors, M Ventures and AbbVie Ventures) also participated in the round.
Artios, a leading DNA Damage Response company developing innovative new treatments for cancer, is actively developing a pipeline of highly promising first-in-class DDR therapies identified from a global network of leading researchers in the DDR field, including through Cancer Research UK. The inhibition of novel DNA repair targets like Polθ, in tumours where DNA damage response factors have been lost or down regulated, will lead to cancer cells being selectively killed without harming normal cells. This creates an opportunity for such products to be used both in monotherapy and in combination with existing and future cancer therapies.
IP Group has committed to invest a total of £5.0 million of the round, which is tranched and subject to the achievement of certain milestones. The Group has invested £2.3 million in the first tranche of the fundraising.