Belgian Biotech Raises $231M to Continue Developing its Antibody Therapies
Argenx has smashed its target of $150M for its US offering, which will support its cancer and autoimmune disease antibodies through the clinic.
Argenx develops antibody-based therapies for the treatment of severe autoimmune diseases and cancer. Today, the Belgian biotech has announced that it has raised a very impressive $231M (€195M) following positive results at ASH. The company managed this by selling over 4 million shares at $52 (€44) each. Although it has resulted in a 4.2% decrease in the company’s stock price on NASDAQ, this will be expected to right itself as the market adjusts to the sudden influx of shares. The extra money should give the company a boost, helping it to bring its pipeline through the clinic.
This caps off a good week for the company following its Phase II success. Argenx’s antibodies demonstrated their efficacy against myasthenia gravis, a neuromuscular disease. ARGX-113 is an antibody that blocks FcRn, a receptor that helps to recycle IgG antibodies, which leads to the rapid depletion of IgG autoantibodies that cause the autoimmune disease. ARGX-113 helped to improved 75% of patients’ symptoms in comparison with just 25% of those on placebo. This saw the company’s stock rise by 24% in the hours after the announcement.
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