arGEN-X BV, a Rotterdam, The Netherlands-based biopharmaceutical company focused on the discovery and development of human antibodies, announced the successful second closing of its Series A equity financing round.
Early in September 2009, the company announced a €9.5m first closing
Since then, the company has raised an additional €3.0m ($4.5m) from two leading life science investors, Credit Agricole Private Equity and VIB, bringing the total amount of its completed Series A equity financing round, which was heavily oversubscribed, to €12.5m.
Philippe Guinot, a senior partner at Credit Agricole Private Equity, joined the arGEN-X Supervisory Board.
The Series A round was co-led by Forbion Capital Partners and Life Sciences Partners (LSP). Other members of the syndicate, which invested in the first closing of €9.5m, were KBC Private Equity, BioGeneration Ventures and existing shareholders Erasmus MC Biomedical Fund and Thuja Capital Healthcare Funds.
arGEN-X will use the proceeds to further develop the Company’s proprietary SIMPLE Antibody™ platform and to continue to build a proprietary pre-clinical antibody product portfolio. The platform allows the company to create an unparalleled diversity of in vivo generated antibody leads against a broad range of human disease targets.
In addition, in November, arGEN-X opened a new R&D subsidiary in Flanders. The facility, supported by a €1.3m grant from the Institute for the Promotion of Innovation by Science and Technology in Flanders (IWT), is intended to become a center of excellence dedicated to the discovery and development of novel therapeutic antibodies based on its SIMPLE Antibody™ platform.