Astria Raises $125 Million to Advance Pipeline Targeting Allergic and Immunologic Diseases
January 31, 2024
Rare Daily Staff
Astria Therapeutics, a biopharmaceutical company focused on developing life-changing therapies for allergic and immunological diseases, raised $125 million in an underwritten public offering of common stock.
The company priced 10.3 million shares at $12.09 per share. The aggregate gross proceeds of the offering are expected to be approximately $125 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
Astria’s lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary angioedema (HAE), a rare genetic disorder that causes unpredictable attacks of swelling in the face, limbs, abdomen, and airway. These attacks can be severe, painful, disabling, and potentially life-threatening.
Most cases of HAE are caused by insufficient levels of functional C1-inhibitor, a protein that regulates plasma kallikrein, a critical mediator of bradykinin-induced edema. On-demand treatments for HAE can help decrease the severity of an attack as it is occurring, and preventative treatments, taken chronically, can reduce the chance that an attack with occur. However, substantial need remains for effective treatment options with less treatment burden.
With STAR-0215, Astria’s goal is to provide an effective, long-acting preventative treatment for HAE, dosed once every 3 or 6 months, to normalize the lives of people living with HAE by reducing their disease and treatment burden.
Currently in mid-stage development, Astria expects to report results from the phase 1b/2 ALPHA-STAR trial of STAR-0215 in patients with HAE by the end of the first quarter of 2024.
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