Aldea Pharmaceuticals, a Redwood City, CA-based developer of novel therapeutics to treat aldehyde metabolism disorders, closed a $24m Series B equity financing.
Backers included new investors RusnanoMedInvest (RMI) and WuXi PharmaTech Corporate Ventures as well as previous investors Canaan Partners and Correlation Ventures.
Led by William Yelle, CEO, Aldea Pharmaceuticals is focused on developing small molecule modulators of the aldehyde dehydrogenase enzyme superfamily and is pursuing treatment of clinically significant acute alcohol toxicity, Fanconi anemia and other diseases and conditions associated with toxic aldehydes.
The company intends to use the funds to advance its lead drug candidate, AD-6626, into clinical trials, including evaluating proof-of-concept for the treatment of subjects with acute alcohol intoxication and funding subsequent Phase 2 trials of intravenous (IV) AD-6626 in an emergency room (ER) setting. In addition, Aldea is studying oral AD-6626 for the treatment of subjects with the rare genetic disease Fanconi anemia, and the financing will support a Phase 1/2 proof-of-biology study in that indication.