ADARx Pharmaceuticals Raises $46 Million in Financing as Lead Product Enters the Clinic
ADARx Pharmaceuticals, a clinical-stage biotechnology company developing RNA-targeting therapeutics, has announced the close of a $46 million Series B-1 financing to advance its drug development pipeline as the Company’s first product enters the clinic. The Series B-1 was led by Ascenta Capital with the current syndicate of OrbiMed Advisors, SR One Capital Management, Lilly Asia Ventures, and Sirona Capital all participating in the financing. In conjunction with this financing, Dr. Lorence Kim of Ascenta Capital has joined the Company’s Board of Directors.
“siRNA has evolved from a spectacular platform technology into a new class of medicines. ADARx represents a next generation of unique insights into oligonucleotide chemistry, pushing siRNA’s frontier with efficient translation of ADARx science into potential medicines addressing large unmet medical needs across therapeutic areas,” said Dr. Lorence Kim of Ascenta Capital. “My co-founder, Evan Rachlin, and I formed Ascenta Capital to help companies like ADARx grow into and realize their potential. We are thrilled to partner with Dr. Li and her team as they move the portfolio into the first of many clinical studies of important new RNA medicines.”
The proceeds from the Series B-1 financing will be used to advance ADARx’s proprietary RNA targeting platform, including oligonucleotides for inhibition, degradation, and editing, together with novel oligonucleotide delivery technologies. The timing of this financing coincides with ADARx’s lead product candidate, ADX-324, for the treatment of hereditary angioedema beginning its phase I clinical trial.
“This is an exciting time for ADARx as we make the transition to a clinical stage biotechnology company,” said Dr. Zhen Li, President, and Chief Executive Officer of ADARx. “This round of funding with the support of our investor syndicate allows us to pursue our near-term objectives of progressing our first three product candidates into the clinic while continuing our discovery and development efforts across multiple therapeutic areas.”
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