Araris Biotech AG closes seed financing round of CHF 2.5 million
-- Redalpine, Schroder Adveq and VI Partners participated in round -- Proceeds to support development of own antibody-drug-conjugates (ADCs)
ZURICH, Switzerland, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Araris Biotech AG announced today the closing of an oversubscribed seed financing round of CHF 2.5 million with participation of Swiss investors Redalpine, Schroder Adveq and VI Partners. The proceeds will be used to develop a pipeline of proprietary antibody-drug conjugates (ADCs).
Araris’ co-founder and Chief Executive Officer, Dr. Philipp Spycher, commented: “We are very pleased to announce that three renowned Swiss investors with a very strong track record have invested in Araris.” Dr. Dragan Grabulovski, co-founder and chairman of the board, added: “Obtaining a seed financing from VCs just six months after incorporation of Araris validates the strong interest in our novel linker ADC technology. The funding will allow Araris to progress quickly towards generating key proof of principle data.”
For further details, please contact:Araris Biotech AGDr. Philipp Spycher, CEOpspycher@ararisbiotech.com
About Araris Biotech AG: Araris Biotech AG is a spin-off company from the Paul Scherrer Institute (PSI) and ETH Zurich focusing on the commercialization of a novel antibody-drug conjugate (ADC)-linker technology. Araris’ innovative platform allows for the attachment of any payload to ‘off the shelf’ antibodies without the need of prior antibody engineering. The resulting ADCs have a well-defined drug-to-antibody ratio, are stable and monomeric. All these favorable properties contribute to the high efficacy and low level of toxicity observed so far. In summary, the straightforward drug conjugation, versatility of the technology and high in vivo efficacy enable the generation of ADC compounds for the treatment of patients with a high unmet medical need. For more information, please visit: www.ararisbiotech.com