Arthex Biotech raises capital. The Spanish biotech company specializing in the treatment of diseases with unmet medical needs has raised eleven million euros from the European Investment Bank (EIB), according to Beatriz Llamusí, co-founder of Arthex Biotech.
This injection is in addition to the grant, in the form of non-dilutive financing, of €2.5 million that the company has already received from the European Commission, through the EIC Accelerator.
In parallel, the company is in negotiations so that the resources obtained reach, in total, €40 million. To do that, Arthex Biotech would give entry to between two and three new investors.
With the resources, the company will be able to continue advancing the development of its main product, the drug ATX-01, aimed at treating myotonic dystrophy type 1 (DM1), a serious disease with no known cure or currently available drug treatment. It is a rare muscular dystrophy.
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Arthex Biotech intends to give entry to more investors
Last year, the US Food and Drug Administration (FDA) designated ATX-01 as an orphan drug. DM1 is a highly disabling disease that affects more than one million people worldwide. The condition affects the muscles and other tissues and manifests itself more frequently during advanced ages, although it can develop at birth congenitally or during childhood.
Arthex Biotech is a spin-off of the University of Valencia (UV). Established in September 2019, the company focuses on the development of a treatment for myotonic dystrophy based on antisense RNA therapies for the treatment of DM1.
The researchers Rubén Artero and Beatriz Llamusí founded the company with the support of the capital Invivo Ventures, which committed €2.7 million so that an RNA therapy developed by the translational genomics research group of the UV and the Research Institute Sanitaria Incliva could reach DM1 patients.
In 2020, the company closed a round of financing of €4.2 million that was led by the fund specialized in the life sciences sector Advent France Biotechnology (AFB) and Invivo Ventures, a venture capital manager from Barcelona.
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