Aadi Bioscience Raises $100 Million through PIPE Financing

Rare Daily Staff

Aadi Bioscience, which is developing therapies for rare cancers, said it raised $100 million through private placement.

Ally Bridge Group led the PIPE financing, with participation from new investors OrbiMed, Invus, Kalehua Capital and other accredited investors, ProfoundBio co-founder Tae Han, as well as existing investors, including Avoro Capital, KVP Capital and Acuta Capital Partners.

Aadi sold and issued an aggregate of 21.6 million shares of its common stock at a price of $2.40 per share, and pre-funded warrants to purchase up to an aggregate of 20 million shares of Common Stock at a purchase price of $2.40 per pre-funded warrant share in a private placement.

In December, Aadi announced it sold Fyarro, its U.S. Food and Drug Administration-approved therapy for adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor for $100 million to Kaken Pharmaceuticals. The net proceeds from the PIPE financing and the sale of FYARRO, together with the Company’s existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio. At the same time, it in-licensed three experimental antibody drug conjugates from WuXi Biologics.

Aadi said it will use the proceeds from the private placement to fund certain upfront payments under its license agreement with WuXi Biologics and for working capital and other general corporate purposes.

The proceeds from this private placement and the sale of Aadi’s FYARRO business, together with Aadi’s existing cash, cash equivalents and marketable securities, are expected to fund operations into 2028, including anticipated clinical data readouts for its ADC portfolio.