The investment will advance Argonaut’s Therapeutics' arginine methylation inhibitor drug candidate towards the clinic and enable continued expansion of its drug discovery pipeline.
Oxford, UK, March 2019 - Argonaut Therapeutics, a leading developer of novel cancer therapies, announced that it has raised new capital in its latest financing round. The financing included new investors JW Pharmaceutical Corporation and a number of private investors. Existing investor Oxford Sciences Innovation, who have backed the company since its inception in 2016, also participated in the round. Proceeds from the financing round will enable further development of Argonaut’s proprietary PRMT5 inhibitor programme, with an expanded focus on novel drug targets discovered in cancer relevant pathways.
Professor Nick La Thangue, Founder and Chief Scientific Officer of Argonaut Therapeutics, and Professor of Cancer Biology in the Department of Oncology at Oxford University, commented:
“Arginine methylation is an extremely important process under aberrant control in many different cancers and drugs targeting arginine methylation will find clinical utility in diverse indications. Argonaut Therapeutics has an extensive collection of proprietary assets and the new investment will allow us to move swiftly towards the clinic. We are extremely pleased to welcome our new investors and thank our existing investors for their continued support."
About Argonaut Therapeutics
Argonaut Therapeutics is a biopharmaceutical company developing new epigenetic therapies for treating cancer. Its lead programme is focussed on protein arginine methyltransferase 5 (PRMT5) which plays a key role in attaining the malignant phenotype in many different cancers. Argonaut’s deep scientific understanding of cancer-relevant pathways affected by arginine methylation enables a precision medicine approach to treating patients with responsive disease.
Argonaut Therapeutics is a spin-out of Oxford University and maintains a close relationship with the Division of Medical Sciences.