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WASHINGTON, DC, October 2, 2009 — Arginetix, Inc. today announced it has closed a $10.75 million Series A financing. The financing was co-led by Quaker BioVentures and MedImmune Ventures, the latter a wholly owned venture capital fund of the AstraZeneca Group. Maryland Heath Care Product Development Corp., Osage University Partners, Red Abbey Venture Partners, and company co-founder Acidophil LLC also participated in the round. Covington & Burling LLP represented Arginetix, Inc. on the transaction.
Arginetix will utilize this financing for further discovery and to continue development of its first-in-class arginase inhibitors for cardiovascular and pulmonary indications. The company's scientific foundation is based on licensed intellectual property of its scientific co-founders, David Christianson, Ph.D. at the University of Pennsylvania and Dan Berkowitz, M.D. at The Johns Hopkins University.
The Covington corporate team was led by Washington-based partner Doug Gibson and associate Heather Davis.