Strong support from existing shareholders which includes Lilly, Advent Life Sciences, Columbus Ventures, Sound Bioventures and Belinda Termeer CAMBRIDGE, Mass. , Aug. 6, 2024 /PRNewswire/ -- Artax Biopharma, Inc.
, a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases, today announces the closure of an $8 million convertible debt financing, supported by Eli Lilly and Company, Advent Life Sciences, Columbus Ventures, Sound Bioventures and Belinda Termeer . Artax's lead asset, AX-158, is the first in a new class of Nck blockers, which have the potential to establish a new standard of care in autoimmune disease treatment. The molecule acts by selectively targeting Nck function, which plays a critical role in immune system function, and recalibrates the body's T-cell receptor (TCR) responses.
This recalibration to responses allows the immune system to continue functioning properly and activate only when it recognizes true disease threats – preventing self-activation without causing immune suppression that makes the body susceptible to numerous infections. Results from the Phase 2a clinical trial in psoriasis is expected before year end. "We have been strong believers in the broad potential of Nck modulation and very much look forward to see the highly anticipated topline data of first-in-class Nck modulator AX-158 in psoriasis later this year," said Damià Tormo, a partner at Columbus Venture Partners.
"Artax has a highly experience.