Aileron Therapeutics, Inc., a Cambridge, MA-based clinical stage biopharmaceutical company that is developing therapeutics based on its proprietary Stapled Peptide drug platform, secured $33m in an extension to its Series E equity financing, bringing the total raised in this round to $48m.
The round was co-led by three new investors including AJU IB Investment Co., Ltd. and two undisclosed private investment groups, with participation from existing investors including Apple Tree Partners, Excel Venture Management, Lilly Ventures, Novartis Venture Funds, Roche Venture Fund and SR One.
The proceeds will be used to advance ALRN-6924 into clinical trials.
Led by President and Chief Executive Officer Joseph A. Yanchik III, and newly appointed Chief Medical Officer Manuel C. Aivado, M.D., Ph.D., and Vice President of Clinical Operations Donna M. Jarlenski, Aileron Therapeutics advances ALRN-6924, a specific re-activator of p53, a tumor suppressor protein that represents one of the most sought after oncology drug targets given its role in most liquid and solid tumors.
ALRN-6924 will be the first clinical drug candidate that targets both the MDM2 and the MDMX suppressor proteins of p53, in contrast to all other drugs in clinical development that involve small molecules targeting only MDM2.