ADARx Raises $46 Million as Lead Product for HAE Enters the Clinic
January 20, 2023
ADARx Pharmaceuticals closed a $46 million series B-1 financing to advance its drug development pipeline as the company’s first product enters the clinic.
Ascenta Capital led the financing with participation by the current syndicate of OrbiMed Advisors, SR One Capital Management, Lilly Asia Ventures, and Sirona Capital. In conjunction with this financing, Lorence Kim of Ascenta Capital has joined the company’s Board of Directors.
Proceeds from the financing will be used to advance ADARx’s proprietary RNA targeting platform, including oligonucleotides for inhibition, degradation, and editing, together with novel oligonucleotide delivery technologies. The timing of this financing coincides with ADARx’s beginning its phase 1 clinical trial for its lead product candidate, ADX-324, for the treatment of hereditary angioedema.
Hereditary angioedema (HAE) is a rare genetic disorder that results in recurring attacks of edema, or swelling, in various parts of the body, including the abdomen, face, feet, genitals, hands and throat. The swelling can be debilitating and painful. Attacks that obstruct the airways can cause asphyxiation and are potentially life threatening. HAE attacks may occur very early in childhood. Potentially fatal upper airway angioedema has been reported in patients as young as 3 years old.
“This is an exciting time for ADARx as we make the transition to a clinical stage biotechnology company,” said Zhen Li, president and CEO of ADARx. “This round of funding with the support of our investor syndicate allows us to pursue our near-term objectives of progressing our first three product candidates into the clinic while continuing our discovery and development efforts across multiple therapeutic areas.”
Author: Rare Daily Staff
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