Aardvark Therapeutics, Inc., Completes $29m Series B Funding Led by Sorrento Therapeutics and Including Existing Investors and the Foundation for Prader-Willi Research
Aardvark Therapeutics, Inc., a clinical stage biopharmaceutical company focused on developing and commercializing novel small molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, inflammation, and other indications today announced the successful completion of a $29 million Series B financing. The financing was led by Sorrento Therapeutics with participation from existing investors including Vickers Venture Partners, Premier Partners, BNH Investment, and Korea Omega. The Foundation for Prader-Willi Research also participated as an investor in the Series B.
According to Aardvark, the funds raised will be deployed to (1) complete three Phase 2 clinical trials of the company’s lead compound, ARD-101, a potent first-in-class small molecule TAS2R (bitter taste receptor) pan-agonist; and (2) to advance several potential additional formulations for major indications. ARD-101 demonstrated safety in Phase 1 human trials. Further, ARD-101 has been shown to convey beneficial effects in animal models of obesity as well as hyperphagia, diabetes, hyperlipidemia, and inflammation.
Commenting on the developments, Aardvark Therapeutics CEO, Tien Lee, M.D., said “We believe our lead compound, ARD-101, is differentiated from existing standard-of-care drugs in both its anticipated safety profile as well as its potential broad spectrum of effects. It is a first-in-class compound that impacts metabolic and inflammatory mediators. We are delighted that our existing investors are confident with our progress as well as the interest of new investors, in maximizing the potential of this unique therapeutic composition.”
John Walter, CEO of the Foundation for Prader Willi Research (FPWR), added, “The Foundation for Prader Willi Research is excited to partner with Aardvark to launch their Phase 2 trial in Prader Willi Syndrome (PWS) later this year. Given the spectrum nature of PWS there is recognition that we will need multiple therapies to address the hallmark symptoms of the disorder. Aardvark’s ARD-101 targets multiple pathways potentially relevant to PWS and has the potential of improving the lives of those suffering from PWS and those who care for them.”
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