Story excerpt provided by Crain’s Cleveland Business.
London-based Arix Bioscience Limited announced it will provide up to $25 million in capital to BioMotiv LLC to support the Shaker Heights-based firm’s drug development efforts.
As part of what’s being described as a strategic partnership, Arix Bioscience will have the opportunity to co-invest and spin-out project companies from BioMotiv. It will also nominate a member of its management team to serve on BioMotiv’s advisory board. In a news release, Arix Bioscience said it “sources, finances and develops businesses addressing medical innovation at all stages of development.”
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Originally published April 18, 2016.