Aardvark Therapeutics, a local biopharmaceutical startup, has secured $85 million in funding to support its lead drug aimed at addressing overeating and obesity. The company will utilize the funds to progress a treatment for excessive eating linked to Prader–Willi syndrome, a rare genetic condition. Additionally, Aardvark intends to demonstrate the efficacy of this drug in conjunction with existing GLP-1 therapies on the market for treating obesity.
Moreover, the company plans to advance its portfolio of treatments for various conditions such as overactive bladder, autism, and inflammatory skin disorders. With preparations underway for a potential initial public offering as early as this summer, Aardvark could potentially raise up to $200 million, as reported by the Financial Times on March 29.
The recent financing round was led by Decheng Capital, a firm based in Northern California that specializes in investing in early-stage life science companies.
Another local health technology company, Allez Health, raised $60 million last month for its continuous glucose monitoring biosensor. Originally known as Zense-Life Inc., the Carlsbad-based company, founded in 2018, is composed of 25 employees and led by three Dexcom alumni. The biosensor, although not yet FDA-approved, connects to a smartphone to provide users with valuable health data, including blood sugar levels. The funding will support Allez in advancing its products through clinical trials, regulatory processes, and expanding its manufacturing capabilities.
Osang Healthcare Co., Ltd., a Korean in-vitro diagnostics company, led the Series A financing round for Allez Health.
Gossamer Bio, headquartered in San Diego, has entered into a partnership with Italian pharmaceutical company Chiesi Farmaceutici in a global collaboration and license agreement valued at up to $486 million. The collaboration aims to commercialize Gossamer’s lead drug, seralutinib, designed to treat pulmonary arterial hypertension (PAH), a rare lung disease.
In addition to advancing seralutinib for PAH applications, the companies plan to expedite development in pulmonary hypertension associated with interstitial lung disease (PH-ILD) to reach a broader patient population. This partnership seeks to address the progressive nature of PAH, as current treatment options are limited.
Under the agreement, Chiesi will provide Gossamer with $160 million as a development reimbursement, with potential additional payments of $146 million in regulatory milestones and $180 million in sales milestones.
On the other hand, Carlsbad-based Ionis Pharmaceuticals and Biogen announced the termination of their collaboration on an ALS drug. Despite initial success in reducing the expression of a specific protein, the drug did not demonstrate the desired results in slowing the progression of ALS in a 99-person study over six months. Ionis will continue its work on a different ALS treatment, Ulefnersen, currently in phase-3 investigation.
This development highlights the challenges in ALS research and the ongoing efforts to find effective treatments for this debilitating disease.
