Lipidio Pharmaceuticals, Inc., a San Diego, CA-based newly established biopharmaceutical company developing drugs to treat diseases associated with excess body fat, held the first close of its Series A financing.
Backers included the Foundation for Prader Willi Research, several family offices and high net worth individuals.
The company intends to use the funds for the development of its lead therapeutic candidate GDD3898. Therapeutic areas of interest include nonalcoholic steatohepatitis (NASH), Prader Willi Syndrome (PWS), an orphan disease, and anti-psychotic drug induced weight gain (AIWG).
Led by J. Gordon Foulkes, Ph.D., CEO & Director, Lipidio Pharmaceuticals is focused on developing drugs to treat diseases associated with excess body fat and its lead program, GDD3898, is being investigated for the treatment of nonalcoholic steatohepatitis (NASH) and Prader Willi syndrome (PWS), an orphan disease, and anti-psychotic drug induced weight gain (AIWG).
Dr. J. Gordon Foulkes, Ph.D., CEO & Director, previously served as the founding CEO of Excaliard Pharmaceuticals (acquired by Pfizer), Executive Chairman of Redwood Biosciences (acquired by Catalent) and Managing Director at RiverVest Ventures. Prior to those roles, he led research and development for multiple biotechnology companies, including OSI Pharmaceuticals (acquired by Astellas).
In parallel with this funding close, the company also announced that Dr. Nancy Hutson has joined the Board. Dr. Hutson previously served as Senior Vice President, Pfizer Global R&D and Director of Pfizer’s largest R&D site in Connecticut, serves on the Board of Directors and Advisory Board of Lipidio. While at Pfizer, she previously led the Department of Metabolic Disease which had research in diabetes, obesity, osteoporosis and cardiovascular disease, including modulating lipids and anti-hypertensives.
Lipidio’s Board also includes Dr. Robert Ruffolo who served as the President of Research & Development, as well as Corporate Senior Vice President, of Wyeth Pharmaceuticals (now Pfizer) prior to his retirement. Dr Ruffolo was previously Senior Vice President and Director of Biological Sciences, Worldwide, at SmithKline Beecham (now GlaxoSmithKline).