Aadi Bioscience, a clinical stage biopharmaceutical company focused on treating diseases driven by mTOR activation, announced the completion of a $23 Million Series A round. The financing was led by Hermed Capital with participation from Celgene Corporation, Vivo Capital, Decheng Capital, the Helsinn Investment Fund and Star Summit Ventures. The company will use the capital to drive the clinical programs for ABI-009, its targeted albumin-bound mTOR inhibitor.
“We are extremely pleased with the participation and interest of our investors and now stand poised to develop the potential of what we believe is a best-in-class mTOR inhibitor,” said Neil Desai, Ph.D., Founder and CEO of Aadi.
Aadi is currently enrolling its registration trial for advanced Perivascular Epithelioid Cell tumors (PEComa), an extremely rare form of sarcoma. Aadi received agreement from the FDA on the design of its phase 2 registration study for the treatment of advanced PEComa with ABI-009. The study will enroll approximately 30-35 patients and the primary endpoint for the study is the overall response rate. Earlier this month, an independent data monitoring committee (DMC) reviewed the available data and concluded that the study should continue without modification.
Aadi’s other planned clinical programs include pulmonary hypertension (phase 1), early stage bladder cancer (phase 2) and pediatric cancers (phase 1). It continues to investigate applications of ABI-009 in cancer indications as well as cardiovascular and other diseases.
Dr. Desai is also pleased to welcome new directors to the board of Aadi including Carlo Montagner (Specialised Therapeutics), Richard Maroun (Frazier Healthcare Partners), Jerry Xiao (Hermed Capital) and Mahendra Shah (Vivo Capital).
Filed Under: Drug Discovery