Arthex Biotech, Seeking More Than €13 Million from Europe

Arthex Biotech is in search of funding, to continue growing. The Spanish biotech company specializing in the treatment of diseases with unmet medical needs is seeking more than €13 million from the European Commission (EC) to continue its research.

The Valencian company has obtained a grant, in the form of non-dilutive funding, of €2.5 million from the EC under the EIC Accelerator. The company will also be eligible for an injection of more than eleven million euros from EIC’s own investment fund.

The Valencian biotech will receive training and mentoring on access to investments, large companies, and other services related to business acceleration from the EIC community.

Thanks to the resources obtained by the company, it will be able to continue advancing in the development of its main product, the drug ATX-01, aimed at treating myotonic dystrophy type 1 (DM1), a severe disease with no known cure or drug treatment currently available. It is a rare muscular dystrophy.

Read more about Arthex Biotech and find other important news with our companion app. Get the latest biotechnology news at your fingertips. Discover what is new in biotech research, finance, business, and more with Born2Invest. Our companion app includes news updates of finance headlines from fin-tech to investing and cannabis.

Arthex Biotech was born in 2019 and was backed by Invivo Ventures, which committed €2.7 million

Arthex Biotech is a spin-off of the University of Valencia (UV). Incorporated in September 2019, the company has its focus on the development of a treatment for myotonic dystrophy based on antisense RNA therapies for the treatment of DM1.

Researchers Rubén Artero and Beatriz Llamusí founded the company, with the support of Invivo Ventures capital, which committed €2.7 million, so that an RNA therapy developed by UV’s translational genomics research group and the Incliva Health Research Institute could reach DM1 patients.

In 2020, the company closed a €4.2 million financing round that was led by the fund specializing in the life sciences sector Advent France Biotechnology (AFB) and Invivo Ventures, a Barcelona-based venture capital manager.

Last August, the U.S. 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 muscles and other tissues and most often manifests itself during advanced age, although it can develop at birth in congenital form or during childhood.

__

(Featured image by Karolina Grabowska via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.