Aadi Bioscience, Inc., a Pacific Palisades, Calif.-based clinical stage biopharmaceutical company, completed a $23M Series A funding round.
The round was led by Hermed Capital with participation from Celgene Corporation, Vivo Capital, Decheng Capital, the Helsinn Investment Fund and Star Summit Ventures. In conjunction with the funding, Carlo Montagner (Specialised Therapeutics), Richard Maroun (Frazier Healthcare Partners), Jerry Xiao (Hermed Capital) and Mahendra Shah (Vivo Capital) joined the board of directors.
The company will use the capital to drive the clinical programs for ABI-009, its targeted albumin-bound mTOR inhibitor.
Led by Neil Desai, Ph.D., Founder and CEO, Aadi focuses on treating diseases driven by mTOR activation. Its lead product is ABI-009, a nanoparticle albumin-bound mTOR inhibitor based on sirolimus or rapamycin, also known as nab-rapamycin.
The company 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.
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.