Aileron Therapeutics, a Cambridge, MA-based clinical stage biopharmaceutical company, secured $30m in Series E equity financing.
Backers included Apple Tree Partners, Roche Venture Fund, Novartis Venture Funds, Lilly Ventures, SR One and Excel Venture Management. In conjunction with the financing, Scott Kapnick, CEO of Highbridge Capital Management, LLC, will become Chairman of the Board.
Led by Joseph A. Yanchik III, president and chief executive officer, Aileron is developing therapeutics based on proprietary Stapled Peptide drug platform, which aims to improve the treatment of a wide range of diseases – including cancer and metabolic and endocrine conditions.
The company intends to use the funds advance its pipeline of clinical candidates as well as advance further platform development. It will accelerate its proprietary oncology clinical candidate, ALRN-6924, into clinical development in 2014 as a specific re-activator of p53, a tumor suppressor protein and will continue to advance ALRN-5281, its long-acting growth-hormone-releasing factor (GRF) agonist currently in phase 1 clinical development for orphan endocrine disorders.