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Arix Bioscience PLC on Friday said that its portfolio company has completed a previously announced merger with Gemini Therapeutics Inc, following the approval of Gemini shareholders.
Arix is a global venture capital company focused on investing in breakthrough biotechnology companies.
Its portfolio company, Disc Medicine Inc, has merged with Gemini, and will now focus on advancing Disc’s pipeline of haematology programs. The combined companies will operate under the name Disc Medicine, with shares due to commence trading on the Nasdaq Global Market.
Concurrent with the closing of the merger, Disc has completed a $53.5 million financing, in which Arix participated alongside an investor syndicate of healthcare investors, led by Access Biotechnology and including OrbiMed, Atlas Venture, 5AM Ventures, Novo Holdings A/S, Rock Springs Capital, and Janus Henderson Investors.
The projected cash and cash equivalents as of the close of the business combination are expected to be approximately $175 million, providing operating runway into 2025.
‘We are thrilled to see the completion of Disc’s merger with Gemini and its concurrent fundraise, which positions Disc well to build on the rapid progress made in its diversified clinical stage pipeline of products,’ said Arix Chief Executive Officer Robert Lyne.
‘This merger, completing 15 months since our first investment in Disc, is testament to the strength of Arix’s refocused strategy to invest in companies with nearer-term value inflection points, and we look forward to seeing further progress in its product pipeline, importantly focused on diseases of unmet medical need.’
Arix shares closed 2.4% higher at 107.50 pence each in London on Friday.
By Holly Beveridge; Alliance News reporter
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