The financing was co-led by Quaker BioVentures and MedImmune Ventures. Other investors included Red Abbey Venture Partners, Maryland Health Care Product Development Corporation and Acidophil.
The company said that the financing will be used to advance development of therapeutic arginase inhibitors for cardiovascular, respiratory and other human diseases.
The company’s scientific foundation is based on discoveries of the scientific co-founders, David Christianson and Dan Berkowitz.
Gary Lessing, president and CEO of Arginetix, said: “We are thrilled by the high quality of investors participating in this financing. We believe arginase inhibition is an exciting area of research with breakthrough potential in areas of high unmet medical need.”
Arginetix was founded in 2007 by Acidophil, Dr Christianson, Dr Berkowitz, Mr Lessing and the University of Pennsylvania.
Dr Goelet (Acidophil), chairman of the Arginetix board of directors, said: “The successful completion of this financing will enable the company to advance the work of Drs Christianson and Berkowitz, targeting this physiologic fulcrum of many diseases and potentially develop important novel therapeutics.”
Joining Dr Goelet on the board of directors are Geeta Vemuri (Quaker BioVentures), Philippe Walker (vice president and head of AstraZeneca R&D Montreal), Matt Zuga (Red Abbey Venture Partners) and Mr Lessing.
Dr Vemuri added: “Arginetix represents a significant opportunity to convert these important discoveries into valuable medical treatments. We believe that the science underlying the company’s research is robust and represents a strong premise for arginase inhibition.”
The company also announced that it had a completed a license agreement for related intellectual property with the University of Pennsylvania.