An RA Capital Management company called Aerovate Therapeutics has raised $72.6 million in Series A financing for development of its AV-101 dry powder imatinib for the treatment of pulmonary arterial hypertension (PAH), the company said. A registrational study of AV-101 is expected to begin by mid-2021.
According to the announcement, “The concept and proprietary drug product underlying AV-101 were co-invented by the RA Capital venture group and supported by its incubator, Carnot Pharma.”
Aerovate President Benjamin Dake commented, “Aerovate is a biotechnology company focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. It is exciting to secure financing from such a strong syndicate to progress AV-101, our lead program.”
RA Capital Managing Director Joshua Resnick said, “With the support of the high caliber syndicate around the table, I believe Aerovate is poised to move this important treatment into the clinic immediately. This financing keeps the company on a rapid path towards offering this potentially transformational therapeutic to patients with real need. AV-101 strives to provide PAH patients with the benefits of a disease modifying drug – in an easy-to-use format, free from the inconvenience of nebulized products – without the cancer-drug-like side effects of the oral version. This is extremely encouraging news for sufferers of this disease.”
Read the Aerovate Therapeutics press release.
