Series C financing led by Decheng Capital and
supported by a syndicate of new and existing investors including
Cormorant Asset Management, Surveyor Capital, SymBiosis, Tetragon
Financial Group, Walleye Capital, Laurion Capital Management, LG
Technology Ventures, Cantor Fitzgerald & Co, Silver Arc Private
Capital, The Prader-Willi Syndrome Association – USA, Vickers Venture Partners and the
Foundation for Prader-Willi Research
SAN
DIEGO, May 9, 2024 /PRNewswire/ -- Aardvark
Therapeutics, Inc. announces an $85
million oversubscribed Series C financing led by Decheng
Capital, with participation from Cormorant Asset Management,
Surveyor Capital, SymBiosis, Tetragon Financial Group, Walleye
Capital, Laurion Capital Management, LG Technology Ventures, Cantor
Fitzgerald & Co., Silver Arc Private Capital, The Prader-Willi
Syndrome Association – USA, and
existing investors, including Vickers Venture Partners and the
Foundation for Prader-Willi Research.
As part of the investment, Decheng Capital's Managing Director,
Victor Tong, Jr., joined Aardvark's
board of Directors. In August 2021, Aardvark announced
its $29 million Series B preferred stock round led
by Vickers Venture Partners.
Cantor Fitzgerald & Co. acted as the sole placement agent
for the Series C preferred stock financing.
Aardvark intends to use the proceeds from the financing to (1)
complete the clinical trials required for regulatory approval of
Aardvark's lead asset, ARD-101, for the treatment of hyperphagia in
patients with Prader-Willi Syndrome, (2) demonstrate ARD-101's
complementary mechanism of action to the current GLP-1 therapies in
the treatment of obesity and (3) advance other Aardvark pipeline
programs.
Aardvark Therapeutics CEO, Tien
Lee, M.D., commented:
"We believe our lead compound, ARD-101, is a
well-differentiated first-in-class drug candidate that is
orthogonal and complementary to existing obesity drugs and reduces
hunger through the selective induction of gut-brain signaling. The
novel mechanism of action and gut-restricted nature of ARD-101
contribute to its encouraging safety and tolerability profile, as
well as its broad-spectrum of activity. We are excited that our new
and existing investors share our vision of ARD-101's potential
therapeutic impact and the relevance of TAS2R receptors as unique
pharmaceutical targets."
The ongoing support of The Foundation for Prader-Willi Research
(FPWR) and PWS Association | USA
(PWSA | USA) has been invaluable
for the development of ARD-101.
Dr. Theresa
Strong, Director of Research Programs at the FPWR, remarked,
"We are truly encouraged by the early findings of the ongoing trial
of ARD-101 in young adults with PWS, which have shown marked
decreases in hunger and food-seeking behavior in several treated
individuals. Based on these promising findings, the FDA has already
granted ARD-101 Orphan Drug Designation and Rare Pediatric Disease
Designation. With the FDA's guidance and the now secured funds, our
PWS community is looking forward to a rapid expansion of the
clinical evaluation of ARD-101 in the hope of bringing this novel
oral drug to patients in need".
Stacy Ward, CEO
of PWSA | USA added: "Our Patient
Advocacy members and the PWS families we serve are very excited to
see the ARD-101 clinical trial programs move forward to address the
need for safe and effective treatments for the intense and
debilitating hunger experienced by many individuals with PWS".
Decheng Capital noted:
"Decheng Capital is thoroughly impressed by
Aardvark's pioneering work with bitter taste receptor agonists to
develop new targeted therapies for Prader-Willi Syndrome and other
metabolic disorders. The Aardvark management team has laid a strong
foundation for the ARD-101 program. We are excited to work closely
with the Aardvark team to advance its clinical programs, aiming to
overcome the challenges associated with Prader-Willi syndrome."
About Prader-Willi Syndrome (PWS)
PWS is a severe neuro-developmental disorder with
an incidence of about 1 in 15,000-20,000 births. The
disorder is caused by the loss of function of several genes located
on chromosome 15. PWS impacts multiple organ systems and is
characterized by metabolic, endocrine, and neurological
dysfunction. One of the hallmark characteristics of PWS is
hyperphagia-driven extreme and unrelenting hunger accompanied
by developmental delays and musculoskeletal malformations. There
are currently no approved therapies for the treatment of
hyperphagia, which affects the health and quality of life of
children and adults with PWS.
About Aardvark Therapeutics, Inc. and ARD-101
Aardvark Therapeutics is a clinical-stage biopharmaceutical
company focused on developing novel, small-molecule therapeutics to
activate innate homeostatic pathways for the treatment of metabolic
diseases, inflammation, and other indications. Aardvark's lead
compound, oral ARD-101, is a potent bitter taste receptor (TAS2R)
pan-agonist that stimulates enteroendocrine cells of the digestive
tract to release multiple gut-peptide hormones including GLP-1 and
the satiety hormone Cholecystokinin (CCK), which activates
gut-brain neurologic signaling to mediate hunger. ARD-101 has
demonstrated an ability to reduce hunger when used alone or in
combination with currently available GLP-1 therapies. Based on
promising clinical data from an ongoing ARD-101 trial, the FDA has
granted the drug both Orphan Drug designation and Rare Pediatric
Rare Disease designation in PWS.
For more information visit www.aardvarktherapeutics.com.
About Decheng Capital
Decheng Capital is an investment firm that provides capital and
strategic support to early-stage life science companies with
revolutionary technologies and growth stage healthcare companies
with strong market presence. We are a group of dedicated
professionals with complementary expertise to build highly
successful companies globally. Founded in 2012, Decheng continues
to capitalize on a historic opportunity in the rapid growth of
healthcare industry as well as breakthroughs in life science
research. With over $2 billion in
capital and the support from some of the most prestigious limited
partners in the world, Decheng is poised to create value for our
investors and entrepreneur partners. For more information, please
visit https://www.decheng.com.
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SOURCE Aardvark Therapeutics, Inc.