Rare Daily Staff
Lipidio Pharmaceuticals has launched with a mission to developing drugs to treat diseases associated with excess body fat, and has completed the first close of its series A financing that included a rare disease patient group.
The Foundation for Prader Willi Research provided financing to Lipidio along with several family offices, and high net worth individuals.
Prader-Willi syndrome, or PWS, is a complex neurodevelopmental genetic disorder, and the most common orphan genetic cause of life-threatening childhood obesity.
John Walter, CEO of the Foundation for Prader-Willi Research, said to advance therapeutic development of new drugs to treat symptoms associated with PWS, the Foundation for Prader-Willi Research has recently begun investing in companies like Lipidio.
The financing will be used to support the development of its lead therapeutic candidate GDD3898 for the treatment of nonalcoholic steatohepatitis, Prader Willi Syndrome, and anti-psychotic drug induced weight gain.
“We believe that we have assembled the right team, the right board, and the key scientific advisors to unlock the value in GDD3898 and look forward to advancing our development plans with the support of our new investors,” said J. Gordon Foulkes, CEO and director of Lipidio.
Foulkes previously served as the founding CEO of Excaliard Pharmaceuticals, which was acquired by Pfizer and a managing director at RiverVest Ventures. Prior to those roles, he led research and development for multiple biotechnology companies, including OSI Pharmaceuticals, which was acquired by Astellas.
Photo: J. Gordon Foulkes, CEO and director of Lipidio.
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