REG-Arix Bioscience PLC Portfolio Company Disc Medicine Enters Definitive Merger Agreement with Gemini Therapeutics

Arix BioscienceAnnouncement

10/08/2022 18:00

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   Arix Bioscience PLC (ARIX)
   Portfolio Company Disc Medicine Enters Definitive Merger Agreement with
   Gemini Therapeutics

   10-Aug-2022 / 17:46 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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                              Arix Bioscience plc

    

    Portfolio Company Disc Medicine Enters Definitive Merger Agreement with
                              Gemini Therapeutics

                                        

   Merger to create a Nasdaq-listed, clinical stage biopharmaceutical company
    focused on advancing Disc Medicine’s portfolio of haematology programmes

                                        

   Transaction will fund multiple clinical studies, including clinical trials
     of bitopertin for erythropoietic porphyrias, DISC-0974 for anaemia of
       myelofibrosis, and DISC-0974 for anaemia of chronic kidney disease

    

   LONDON, 10 August 2022: Arix Bioscience plc (LSE: ARIX), a global  venture
   capital  company  focused  on  investing  in  breakthrough   biotechnology
   companies, notes that its portfolio company, Disc Medicine, Inc. (“Disc”),
   has entered into a definitive  merger agreement with Gemini  Therapeutics,
   Inc. (Nasdaq: GMTX)  (“Gemini”) to create  a Nasdaq-listed  clinical-stage
   biopharmaceutical  company  in  an  all-stock  transaction.  The  combined
   company will focus on advancing Disc’s pipeline of haematology programmes,
   including multiple patient studies for its clinical stage programmes. Upon
   shareholder approval, the  combined company is  expected to operate  under
   the name Disc Medicine, Inc, and  trade on the Nasdaq Global Market  under
   the ticker symbol IRON.

    

   In support  of  the merger,  Arix  will  participate in  a  $53.5  million
   financing  in  a   syndicate  of  healthcare   investors  led  by   Access
   Biotechnology and  including OrbiMed,  Atlas Venture,  5AM Ventures,  Novo
   Holdings A/S, Rock Springs Capital and Janus Henderson Investors. With the
   cash expected  from both  companies at  closing and  the proceeds  of  the
   concurrent  financing,   the  combined   company  is   expected  to   have
   approximately $175 million of cash or cash equivalents, which will be used
   to advance Disc’s pipeline through  multiple clinical studies and  provide
   runway into 2025. The merger and  related financing are expected to  close
   in the fourth quarter of 2022.

    

   Disc also announced the initiation of BEACON, a Phase 2 clinical study  of
   bitopertin  in  patients  with  Erythropoietic  Protoporphyria  (EPP)   or
   X-linked Protoporphyria (XLP). Bitopertin is an oral, selective  inhibitor
   of glycine transporter  1 (GlyT1) designed  to modulate heme  biosynthesis
   and has  been  shown in  preclinical  studies to  reduce  accumulation  of
   protoporphyrin in  IX (PPIX),  the toxic  metabolite that  causes  disease
   pathology in EPP and XLP patients.

    

   Robert Lyne,  CEO of  Arix  Bioscience, stated:  “The merger  with  Gemini
   represents an  exciting opportunity  for Disc  Medicine. Led  by a  highly
   credible management team,  Disc has  built a  diversified, clinical  stage
   pipeline of products focused  on diseases of unmet  medical need. In  less
   than one year since our initial  investment, Disc has made rapid  clinical
   progress, advancing two programmes  into patient studies  in the past  few
   months. Today’s announcement  of the merger  agreement follows a  thorough
   and thoughtful strategic review process by Gemini and is validation of our
   refocused  strategy  to  invest   in  companies  with  nearer-term   value
   inflection points.”

    

    

                                      ENDS 

   For more information on Arix, please contact:

    

   Arix Bioscience plc

   +44 (0)20 7290 1050

    1 ir@arixbioscience.com

    

   Powerscourt Group

   Sarah MacLeod, Ibrahim Khalil, Nick Johnson

   +44 (0)20 7250 1446

    

   Notes to Editors

    

   About Gemini Therapeutics, Inc.

   Gemini  Therapeutics  is  a  clinical-stage  precision  medicine   company
   previously focused  on developing  novel  therapeutic compounds  to  treat
   genetically defined age-related macular degeneration (AMD).

   For more information, visit www.geminitherapeutics.com.

    

   About Disc Medicine, Inc.

   Disc Medicine  is  a  clinical-stage  biopharmaceutical  company  that  is
   dedicated  to  transforming  the   lives  of  patients  with   hematologic
   disorders. Disc  is building  a  portfolio of  innovative,  first-in-class
   therapeutic candidates that affect fundamental pathways of red blood  cell
   biology. Disc Medicine is committed to developing treatments that  empower
   and bring hope to the many  patients who suffer from hematologic  disease.
   For more information, please visit www.discmedicine.com.

    

   About Disc Medicine’s Haematology Portfolio

   Disc has a clinical-stage development pipeline composed of investigational
   product candidates  that affect  heme  biosynthesis and  iron  metabolism.
   Disc’s  programs  are  designed  to  target  pathways  with   established,
   clinically-validated biology and  have the potential  to address  multiple
   indications. This includes:

    

   Bitopertin (Heme  Synthesis  Modulator): Bitopertin  is  an  inhibitor  of
   glycine  transporter,  GlyT1,  and   has  demonstrated  effects  on   heme
   biosynthesis in clinical studies. Bitopertin was in-licensed by Disc  from
   Roche in 2021 and  has been extensively studied,  including a safety  data
   package  reflecting  clinical  experience   in  over  4,000   individuals.
   Inhibition of heme biosynthesis has the potential to address a wide  range
   of hematologic disorders. Disc has initiated BEACON, an open-label,  phase
   2 trial of bitopertin in  patients with erythropoietic porphyria, a  rare,
   debilitating and  potentially  fatal  genetic  disorder  that  results  in
   dysregulated heme biosynthesis and where  bitopertin has the potential  to
   become the first disease-modifying treatment. Additional clinical  studies
   in Diamond-Blackfan Anemia (DBA) and other indications are being planned.

    

   DISC-0974  (Hepcidin  Suppression): DISC-0974  is  a  monoclonal  antibody
   targeting a  co-receptor  called  hemojuvelin (HJV)  and  is  designed  to
   suppress hepcidin production  and increase serum  iron levels in  patients
   suffering from the  anemia of inflammation.  DISC-0974 was in-licensed  by
   Disc from AbbVie in  2019. Anemia of  inflammation arises from  abnormally
   elevated hepcidin  and  is  the  most common  form  of  anemia,  affecting
   millions of  patients  across numerous  diseases  such as  chronic  kidney
   disease, myelofibrosis, cancer, autoimmune diseases, and other  conditions
   with  an   inflammatory   component.   Disc   has   established   clinical
   proof-of-mechanism of DISC-0974 in a  phase 1 study of healthy  volunteers
   and initiated a phase  1b/2 clinical study of  DISC-0974 in patients  with
   anemia of  myelofibrosis. Disc  plans to  initiate a  phase 1b/2  clinical
   study of  DISC-0974 in  patients  with anemia  of chronic  kidney  disease
   (non-dialysis) in late 2022.

    

   Matriptase-2 Inhibitor (Hepcidin Induction):  Disc has a research  program
   designed  to  identify  orally-available,   small  molecules  to   inhibit
   Matriptase-2 (referred to as Mat-2 or TMPRSS6) and increase the production
   of hepcidin  and  restrict  iron availability.  The  therapeutic  role  of
   hepcidin has  been  established in  patients  with polycythemia  vera  and
   hereditary hemochromatosis,  and is  being studied  for the  treatment  of
   diseases  associated  with  iron  overload,  including   beta-thalassemia,
   myelodysplastic syndromes, and sickle cell disease.

    

    

   About Arix Bioscience plc

   Arix Bioscience  plc  is  a  global venture  capital  company  focused  on
   investing in  breakthrough  biotechnology  companies  around  cutting-edge
   advances in life sciences.

   We collaborate  with exceptional  entrepreneurs and  provide the  capital,
   expertise, and  global  networks  to  help  accelerate  their  ideas  into
   important new treatments for patients. As a listed company, we are able to
   bring this exciting  growth phase of  our industry to  a broader range  of
   investors.  2 www.arixbioscience.com

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   ISIN:           GB00BD045071
   Category Code:  PFU
   TIDM:           ARIX
   LEI Code:       213800OVT3AHQCXNIX43
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   180589
   EQS News ID:    1417989


    
   End of Announcement EQS News Service

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