(Source: Business Wire)
Aileron Therapeutics, a biotechnology company discovering and developing a novel class of therapeutics called Stapled Peptides, announced today it has closed a $40 million Series D financing. The financing was co-led by new investors SR One Ltd., the independent corporate venture fund of GlaxoSmithKline (NYSE: GSK), and Excel Medical Fund. The round also included major participation by existing investors: Apple Tree Partners, who is the founding investor of Aileron, and Novartis Venture Fund. Lilly Ventures and Roche Venture Fund also participated in the offering.
Proceeds from the financing will be used to advance Aileron's lead Stapled Peptide program toward clinical trials in 2010 and to further advance the Stapled Peptide platform and programs in oncology, immune/inflammation, metabolic disease, and infectious disease. Stapled Peptides are synthetically locked, or 'stapled', into an alpha-helical shape to create drug compounds that are uniquely effective for targets that are ˜undruggable' with currently available drug approaches. In previous financings, Aileron has raised $20 million in funding.
"We believe that Stapled Peptides could represent a ˜fourth estate' in therapeutics, emerging as a major class akin to small molecules, antibodies and vaccines," said Michael Diem, M.D., Partner at SR One. "The strength of the technology and team at Aileron will ultimately lead to a fundamental paradigm shift in how disease is treated and we are thrilled to be a part of Aileron's future."
"We have now demonstrated, in multiple pre-clinical studies, the powerful potential that Stapled Peptides represents in the treatment of cancer, and our progress highlighting the applicability of Stapled Peptides to a wide variety of diseases is what catalyzed the excitement and success of this financing round," said Joseph A. Yanchik, III, Chief Executive Officer of Aileron Therapeutics. "The timing of the financing round and the caliber of the participants is further validation of the growing belief in the transformative potential of this novel class of therapeutics and the need for breakthrough technology platforms that will offer significant new growth avenues for the pharmaceutical industry."
As part of the closing of this financing transaction, Michael Diem, M.D., Partner at SR One, and Enrico Petrillo, M.D., Managing Director of Excel Medical Fund, will join the board of directors of Aileron. They join existing board members, Seth Harrison, M.D., Chairman of Aileron and Managing General Partner of Apple Tree Partners, Campbell Murray, M.D., Managing Director of Novartis Venture Funds, and Joseph A. Yanchik III, CEO of Aileron.
