Arthex Biotech, Seeking More Than €13 Million from Europe
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. Its main product, the drug ATX-01, is aimed at treating myotonic dystrophy type 1 (DM1), a severe disease with no known cure or drug treatment currently available.
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.
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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)
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