Arginetix, a Baltimore-based biopharmaceuticals firm, closed a Series A financing round after raising $10.75 million. The company is developing small molecule inhibitors of the enzyme arginase for the treatment of endothelial dysfunction, including pulmonary arterial hypertension, atherosclerosis and asthma.
Both Quaker BioVentures and MedImmune Ventures, a wholly owned venture capital fund of the AstraZeneca Group, led the financing.. Maryland Health Care Product Development Corp., Osage University Partners, Red Abbey Venture Partners, and company co-founder Acidophil LLC also participated in the round.
The financing will be used for continued research and development of Arginetix's first-in-class arginase inhibitors for cardiovascular and pulmonary indications. The company's scientific foundation is based on licensed intellectual property of its scientific co-founders, David Christianson, Ph.D. at the University of Pennsylvania and Dan Berkowitz, M.D. at The Johns Hopkins University.
"This financing is an important endorsement for the potential for Arginetix' discovery and development programs," said Gary Lessing, CEO and co-founder. "The company is fortunate to be working with a talented and experienced group of investors, including both traditional and corporate-based life sciences firms. Their expertise in the discovery and development of drugs and their track record at building world-class companies will be invaluable to Arginetix' continued success."
"Arginetix is pursuing major clinical opportunities using their technology for patients with cardiovascular and pulmonary diseases. The company's recent research has added further validation for this important innovation," says Dr. Geeta Vemuri, partner at Quaker BioVentures.
"Arginase appears to be an attractive target with therapeutic potential in a wide range of cardiovascular and pulmonary indications. We are pleased to support their development efforts through this investment and look forward to working with the management team," says Eva M. Jack, Managing Director at MedImmune Ventures.
Source: Gary Lessing, Arginetix
Writer: Walaika Haskins