ADARx Pharmaceuticals, Inc., a clinical-stage biotech company developing next-generation RNA-based therapies, today announced the successful conclusion of its over-subscribed Series C funding. value of 200 million dollars. The funding was led by Bain Capital Life Science and TCGX and includes new investors Blackrock, Commodore Capital, Cormorant Asset Management, HBM Healthcare Investments, Invus, Marshall Wace, Redmile Group, T. Rowe Price Associates Inc. ., Venrock Healthcare Capital Partners and Vivo Capital. Existing ADARx investors Ascenta Capital, Lilly Asia Ventures, OrbiMed and SR One Capital Management also participate.Proceeds from the Series C grant will be used to advance ADARx clinical programs, including ADX-324 and ADX-038. ADX-324 represents an innovative approach to the treatment of hereditary angioedema, a rare genetic disease that causes painful, rapid, and life-threatening episodes of swelling, while ADX-038 is being developed to treat diseases caused by multiple complements. This grant will also support the advancement of an innovative system of mRNA silencing or editing candidates for the treatment of a wide range of diseases.
“The strong support from our new and existing investors is a testament to the significant progress we have made in advancing next generation RNA therapeutics for hepatic and extrahepatic targets”,
“The early phase 1 clinical data strongly supports the potential of ADX-324 to be the best-in-class treatment for patients suffering from hereditary angioedema. Moreover, the clinical data validate our proprietary targeted delivery PLR™ platform and our broad SPE™ technology. With this financing, we are well-positioned to achieve our clinical milestones for multiple clinical programs and to build a leading company in RNA therapeutics.”
Dr. Zhen Li, President and Chief Executive Officer of ADARx Pharmaceuticals.
“ADARx has developed a unique siRNA platform that we believe has the potential to generate differentiated clinical data from several programs over the near and long-term,”
“We share the Company’s commitment to targeting diseases across therapeutic areas where there is significant unmet medical need and look forward to supporting the advancement of their platform technology and growing drug development pipeline, with the ultimate goal of bringing important new treatments to patients.”
Ricky Sun, PhD, Partner at Bain Capital Life Sciences.
“We are impressed by the progress that ADARx has made in developing RNA therapeutics and their recent clinical data. We believe that their technology and platform have the potential to transform the treatment of a wide range of diseases. We are excited to partner with the ADARx team to help bring their medicines to patients,”
Dr. Chen Yu, Managing Partner of TCGX.