Arcarios, a Rotterdam, The Netherlands and Diepenbeek, Belgium-based drug development company dedicated to the discovery and development of innovative products that target bone and joint diseases, has completed a seed financing round of undisclosed amount.
The round was led by BioGeneration Ventures, with participation from Erasmus Biomedical Fund, Gemma Frisius Fund, CD3, Baekeland Fund II, Credit Agricole and VINNOF.
Arcarios was created through an agreement signed by TiGenix (NYSE EURONEXT: TIG), a Leuven, Belgium-based biomedical company that focuses on innovative local treatments for damaged and osteoarthritic joints, with academic partners including the Catholic University Leuven (KULeuven) and Ghent University (UGent), the Dutch company Therosteon and the above mentioned consortium of investors.
TiGenix will own a significant equity stake in the company and retain the rights to drug candidates developed by Arcarios for local treatment of arthritic diseases.
The founding scientists of Arcarios have developed an innovative pipeline of proprietary disease modifying therapeutics for bone and joint diseases, based on proprietary platform technologies and covered by a broad portfolio of granted and pending patents.
The company aims at bringing at least one of its lead programs into clinic within the coming years followed by a pipeline of preclinical drug candidates.