Ghent-based antibody producer Argenx has caught the eye of American investors. Today, Argenx announced that one of U.S.’ largest investment companies, Federated Investors, is investing 16 million euros in the Belgian biotech enterprise.

The money will mainly be used for the further development of three of Argenx’ potential drugs, all of which are currently in phase 1 clinical trials. These drugs are meant for use in cancer treatment or autoimmune therapy. Next to development of existing drug candidates, also other discovery programs will be funded with the new investment.

“The investment of this premier U.S. institution validates argenx’s track record since we went public in 2014. It strongly supports the company’s strategy to create a rich pipeline of highly differentiated antibodies,” says Tim Van Hauwermeiren, CEO of argenx. “We will use this capital to continue to advance our products in clinical development and are working towards the initiation of our first phase 2 clinical trial.”