Dutch-Belgian biotech Argen-X has announced the closing of a 27.5 million euro series B fundraising, the proceeds from which will be used to progress its differentiated therapeutic antibody programmes into clinical development.

The financing, which was oversubscribed, was co-led by OrbiMed Advisors and Seventure Partners. The company, which has bases in Rotterdam and Ghent, has five projects under development for the treatment of autoimmune disorders, inflammation and oncology, with two now in formal preclinical development.

Argen-X chief executive Tim Van Hauwermeiren said the firm's ability to "attract funding from such high calibre global life science investors, especially in such a difficult financial climate, reflects the compelling proposition of our SIMPLE Antibody platform and products". He added that "we have thoroughly validated the unique attributes of our platform and delivered therapeutic grade human antibodies against every target we selected to date, including those intractable to other antibody technologies".

Argen-X signed its first commercial collaboration with Eli Lilly in January this year, and Mr Van Hauwermeiren said the company has met "all technical milestones in record time". He concluded by saying that "with our current cash resources we are now well positioned to execute our ambitious business plan, designed to deliver significant stakeholder value over the next three years".