Global venture capital firm, Arix Bioscience (ARIX) , announced on Monday that it had invested in a new portfolio company, STipe Therapeutics -- a company founded to pioneer therapies using a novel aspect of the stimulator of interferon genes (STING) Pathway to target cancer.
Born out of Aarhus University in Denmark in 2018, STipe works on harnessing the immune response to target a range of tumours using its innovative technology to monitor and target targeting intracellular protein-protein interactions of the STING Pathway.
Arix, whose specific focus lies with investment and the building of breakthrough biotechnology companies, will co-lead a €20 million Series A investment round in its new portfolio company.
Co-leading the financing was Arix and Novo Holdings, with additional involvement from Wellington Partners Life Science Venture Capital Management GmbH and Sunstone LSV General Partner IV ApS.
Arix’s investment means that Dr Christian Schetter, Entrepreneur in Residence at Arix, will join STipe as Executive Chairman, as well as Arix’s Investment Director, Jonathan Tobin, who will join the firm’s board of directors.
As a result of the investment, Arix’s oncology portfolio has increased to six companies -- the move being particularly significant for the firm as it strengthens its position within the area of oncology.
Joe Anderson, CEO of Arix, acknowledged how STipe would ultimately add a new edge to their existing portfolio to the develop breakthrough cancer therapies.
Reflecting on the investment, Dr Claus Elsborg Olesen, Chief Executive Officer of STipe, added:
“The successful financing underscores the potential of our innovative technology and product pipeline.
We are delighted by the strong support from Arix as well as our existing and new investors and I look forward to leveraging their extensive experience as we develop multi-product opportunities to target cancer.”
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