Arix leads $65m investment for Iterum

Arix Bioscience has announced that Iterum, a new Arix Group business, has closed a series B investment round raising $65m. Arix Bioscience led the raise which included new investors Advent Life Sciences, Domain Associates, Bay City Capital and Pivotal bioVenture Partners.

Arix Bioscience said all Iterum's previous investors (Frazier Healthcare Partners, Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners) also participated in the financing round.

Arix Bioscience's Mark Chin will join Iterum's board of directors.

Arix Bioscience said the proceeds of this financing would be used to complete a phase 3 pivotal trial in uUTI and to advance the broader phase 3 pivotal programme.

It said trials were expected to begin in the first half of 2018 and Iterum plans to file an NDA with the FDA by year end 2019.

At 9:43am: (LON:ARIX) Arix Bioscience Plc share price was -9.5p at 196p