Rare Daily Staff
Aeovian Pharmaceuticals said it completed a $37 million series A financing to advance its lead selective mTORC1 inhibitor, AE116, to clinical proof of concept for an undisclosed rare disease of the central nervous system.
VenBio Partners and Sofinnova Investments led the round, which included investment from investors Apollo Health Ventures and Evotec SE.
“The strong financial support and expertise from our investors will enable Aeovian to realize the full potential of our mTORC1 modulation approach,” said Stelios Tzannis, president and CEO of Aeovian.
Richard Gaster, principal at VenBio, and Mike Powell, managing general partner at Sofinnova Investments, will join Jens Eckstein, managing partner at Apollo Health Ventures on Aeovian’s board of directors. Yvonne Yamanaka, vice president at VenBio, and Sarah Bhagat, principal at Sofinnova, will join as board observers.
“We believe that Aeovian’s differentiated and selective mTORC1 inhibitor approach can have broad application in rare diseases with high unmet need,” said VenBio’s Gaster. “We look forward to initially pursuing rare CNS disease indications but can see a large opportunity to also target age-related diseases more broadly.”
Photo: Stelios Tzannis, president and CEO of Aeovian