Aldea Pharmaceuticals Closes $24 Million Series B Financing
REDWOOD CITY, Calif., August 25, 2014-- Aldea Pharmaceuticals, a company pioneering novel therapeutics to treat aldehyde metabolism disorders, today announced that it has closed a $24 million Series B equity financing. The financing included new investors RusnanoMedInvest (RMI) and WuXi PharmaTech Corporate Ventures. All previous investors including Canaan Partners and Correlation Ventures also participated in the round.
The financing will be used to advance Aldea's lead drug candidate, AD-6626, into clinical trials, including evaluating proof-of-concept for the treatment of subjects with acute alcohol intoxication and funding subsequent Phase 2 trials of intravenous (IV) AD-6626 in an emergency room (ER) setting. In addition, Aldea is studying oral AD-6626 for the treatment of subjects with the rare genetic disease Fanconi anemia, and anticipates the financing will support a Phase 1/2 proof-of-biology study in that indication.
Every year, millions of Americans are admitted to the ER as a result of clinically significant acute alcohol intoxication, and an estimated 10 to 15 percent of ER visits are associated with alcohol consumption. Acute alcohol toxicity can be life-threatening and can lead to ER crowding, delays in critical treatment for trauma patients and intensive use of hospital resources. Since there is no antidote treatment available for alcohol toxicity, patients with acute alcohol intoxication must wait for the alcohol to be metabolized from their systems before they can be discharged from the ER.
"The use of AD-6626 in the ER setting has the potential to stabilize patients suffering from acute alcohol toxicity and more rapidly improve the signs and symptoms of intoxication than waiting for alcohol metabolism, thereby simplifying patient care. This could facilitate treatment in individuals suffering from co-morbidities such as trauma, as well as benefiting the system as a whole," noted William Yelle, chief executive officer of Aldea. "We also have the opportunity to apply our scientific approach in the treatment of patients with Fanconi anemia, a rare genetic disease characterized by chromosomal instability, bone marrow failure and an increased risk of cancer. The funds we have secured with this financing should allow us to generate proof-of-concept data in both of these indications."
About Aldea Pharmaceuticals
Aldea Pharmaceuticals is focused on developing small molecule modulators of the aldehyde dehydrogenase enzyme superfamily. The scientific approach was discovered by Stanford University researchers and exclusively licensed to Aldea. Aldea is pursuing treatment of clinically significant acute alcohol toxicity, Fanconi anemia and other diseases and conditions associated with toxic aldehydes.
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