Arix Bioscience PLC (LON:ARIX) said its portfolio company, Amplyx Pharmaceuticals, has closed a US$53mln Series C ‘extension’ fundraising round, taking the total to US$90mln
New investors included Pfizer and Adage Capital. UK-listed venture capital company Arix has a 3% stake worth US$6.4mln.
Amplyx will use the cash injection to develop fosmanogepix (APX001) and MAU868 for the treatment of life-threatening fungal infections and BK Virus.
Jeffries added that Amplyx's Series C extension expands that company's runway and also reaffirms its valuation and potential.
The broker reiterated its buy, saying as its private portfolio is incrementally de-risked and validated; the current 49% discount provides a cheap entry with various catalysts ahead.
"Events like this can assuage investor concerns over private values and funding."
The broker estimates Arix's current NAV at 161p or a 49% discount to today's share price of 81.5p.
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