RARE Daily

Aldeyra Therapeutics Raises $65 Million to Advance Therapies Targeting Immune-Mediated Diseases

January 14, 2021

Rare Daily Staff

Aldeyra Therapeutics raised $65 million in an underwritten public offering of 6.8 million shares of its common stock at $9.50 per share.

In addition, Aldeyra granted the underwriters a 30-day option to purchase up to one million additional shares at the public offering price, less the underwriting discounts and commissions.

Aldeyra is focused on the development of therapies with the potential to improve the lives of patients with immune-mediated diseases.

The company’s pipeline includes both rare and non-rare conditions, with two compounds in late-stage development: reproxalap, which targets RASP (reactive aldehyde species) that are elevated in ocular and systemic inflammatory disease and result in cytokine release via activation of a broad array of inflammatory factors, and is being evaluated in phase 3 clinical trials in patients with dry eye disease and allergic conjunctivitis.

The company is also developing ADX-2191, a dihydrofolate reductase inhibitor in phase 3 testing for proliferative vitreoretinopathy, a rare inflammatory disorder of the retina that leads to severe retinal scarring and blindness, and most commonly occurs following retinal detachment repair surgery or ocular injury. More than 50 percent of PVR cases result in severe uncorrectable vision loss, and 76 percent of PVR patients suffer from at least moderate uncorrectable vision loss.

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