Strengthens investor syndicate with participation from biotechnology luminaries Nancy Chang, John Maraganore and Brent Saunders
SAN DIEGO, Nov. 10, 2022 /PRNewswire/ — Lipidio Prescribed drugs Inc. (Lipidio), a biopharmaceutical firm growing novel therapeutics for dermatological and metabolic ailments, introduced immediately the shut of an extension to its Collection A financing, bringing the overall quantity raised to over $20M. Along with present Collection A buyers, this extension was led with participation of a number of new buyers, together with Nancy Chang (former Founder and CEO of Tanox), John Maraganore (former Founding CEO of Alnylam) and Brent Saunders (former Chairman & CEO of Allergan), together with a particular group of world-renowned dermatologists. Earlier buyers within the Collection A embody different profitable, serial entrepreneur biopharma executives, in addition to two Institutional Investor companies, Alethea Capital and 3E Bioventures.
“We’re thrilled to lift this extension from a number of of probably the most achieved and well-known executives in our business. I wish to sincerely thank Brent, John and Nancy, together with all our buyers for his or her help, as we proceed to advance GDD3898 within the clinic,” mentioned J. Gordon Foulkes, Ph.D., CEO of Lipidio. “Our buyers are extremely inspired by our current medical information and new insights into the a number of mechanisms induced by GDD3898 within the pores and skin, which offer a powerful rationale for growth of our present indications. The Collection A extension funds will present ample runway to research information from the three medical trials anticipated to finish earlier than the tip of this yr, and to help the launch of our Collection B financing within the first quarter of 2023.”
John Maraganore, Ph.D., added, “I’m excited in regards to the revolutionary and differentiated method that Lipidio is taking to deal with severe dermatological situations. Gordon and his workforce have found a novel mechanism of motion for GDD3898, and they’re pursuing indications for which there aren’t any permitted therapies and no competing medication in growth. I consider GDD3898 holds large potential as a novel topical product that might change the therapy paradigm for dermatologic and probably different ailments.”
“I’m proud to take part on this financing with such a stellar group of biopharma leaders,” commented Brent Saunders. “GDD3898 has the potential to emerge as a first-in-class product for zits and sebaceous hyperplasia, filling a significant hole in therapy and disrupting the market. I am excited to work with the world-class workforce at Lipidio to convey this thrilling product to sufferers.”
In regards to the Collection A Extension Syndicate
Nancy Chang, Ph.D., is Chairperson of Ansun Biopharma, an organization centered on the event of distinctive host-directed anti-viral therapies for respiratory viruses together with Parainfluenza virus (PIV) and Influenza virus (Flu). She additionally serves as CEO and President of Apex Enterprises, Inc., an funding administration firm centered on investments in healthcare, training, and socially accountable ventures. From 2007 to 2012, she was Chairperson and Senior Managing Director of Orbimed Asia LLC. Previous to OrbiMed, Nancy was the Co-Founder, Chairperson and CEO of Tanox (1986-2006). In 2000, Tanox went public on NASDAQ, elevating $250M and making it the second-largest Biotech IPO ever completed at the moment. Tanox analysis led to the FDA approval of Xolair and its acquisition by Genentech for over $900M in 2007.
John Maraganore, Ph.D., was the founding CEO and a Director of Alnylam from 2002 to 2021, the place he constructed and led the corporate from an early analysis platform forming over 20 main pharmaceutical alliances by means of to the worldwide approval and commercialization of the primary 4 RNAi therapeutic medicines. John created considered one of our Trade’s most profitable firms, with a present market capitalization of roughly $25B. He’s additionally a member of the Board of Administrators of the Biotechnology Innovation Group (BIO) and served because the Chair of BIO from 2017-2019. John is at present a Enterprise Accomplice at ARCH Enterprise Companions and Atlas Ventures, an Government Accomplice at RTW Investments, a Senior Advisor at Blackstone Life Sciences, and serves on the Board of the Termeer Basis.
Brent L. Saunders is Government Chairman of the Magnificence Well being Firm (Nasdaq: SKIN) and Chairman, Co-Founder and CEO of Vesper Well being. Mr. Saunders served as Chairman and CEO of Allergan till Might 2020, when the corporate was acquired by AbbVie Inc. in a transaction valued at roughly $63B. Brent’s first position as a senior government within the healthcare sector started in 2003 at Schering-Plough as President of their World Shopper Well being Care Division. Whereas at Schering-Plough, Brent led the mixing of the corporate’s $14B acquisition of Organon Biosciences, in addition to the merger between Schering-Plough and Merck & Co., Inc. in 2009. Brent additionally served as CEO of Bausch + Lomb Inc., till its acquisition by Valeant Prescribed drugs, Inc. for roughly $9B. He then turned the CEO of Forest Laboratories Inc., main the corporate’s merger with Actavis in 2014, and in 2015, Actavis’ acquisition of Allergan, renaming the mixed firm Allergan PLC.
About Lipidio Prescribed drugs
Lipidio Prescribed drugs is a biopharmaceutical firm centered on reworking molecules into the best medicines for dermatological and metabolic ailments. Lipidio’s lead program, GDD3898, is in medical growth for the therapy of a number of situations with unmet medical wants together with dermatological situations equivalent to reasonable to extreme zits and sebaceous hyperplasia, nonalcoholic steatohepatitis (NASH), and weight problems. Lipidio is headquartered in San Diego, CA. To be taught extra, please go to https://lipidiopharma.com/.
SOURCE Lipidio Prescribed drugs, Inc.