SAN DIEGO--(BUSINESS WIRE)--ADARx Pharmaceuticals, Inc., a biotechnology company developing RNA targeting therapeutics, today announced the completion of a $75 million Series B financing to advance its drug development pipeline. The Series B was co-led by SR One Capital Management and OrbiMed Advisors. Sirona Capital joined this financing as well as existing investors OrbiMed Advisors and Lilly Asia Ventures.
“The ADARx team is laser-focused on efficiently translating their insights around RNA biology into novel medicines to benefit patients. The team has made tremendous progress in the advancement of its unique, multi-faceted RNA platform in the short time since the Company’s launch and we look forward to helping build the pipeline with this financing,” said Simeon George, M.D., CEO of SR One.
“OrbiMed is pleased to continue to back Zhen Li and her team in the creation of an exciting oligonucleotide-based drug company, which is creating new treatment modalities,” said Carl Gordon, Ph.D., CFA, Founding Partner and Co-Head of Global Private Equity at OrbiMed Advisors.
The proceeds from the Series B financing will be used to advance ADARx’s proprietary RNA platform technologies for base editing, inhibition, degradation, and delivery. The proceeds will also be used to transition ADARx’s growing pipeline of research phase products into the clinic including initiation of a Phase 1 clinical trial for ADARx’s lead program.
“We are excited that our RNA base editing technology could give rise to a significant pipeline of highly effective therapeutics,” said Zhen Li, Ph.D., President and Chief Executive Officer of ADARx. “In parallel, we are using our delivery technology to pursue additional RNA targeting approaches within a wide range of therapeutic areas including genetic, cardiometabolic and central nervous system diseases. We are thrilled with the support from our new investors and greatly appreciate the confidence of our existing investors in our technology and our team.”
ADARx Pharmaceuticals, Inc., located in San Diego, is a biotechnology company committed to turning cutting-edge science into life-saving therapeutics. ADARx is developing a proprietary RNA targeting platform, including oligonucleotides for inhibition, degradation, and editing, together with novel oligonucleotide delivery technologies. ADARx has a growing pipeline of RNA targeting therapeutics for treating diseases across a range of therapeutic areas including genetic, cardiometabolic, and central nervous system diseases.
About SR One
SR One Capital Management is a trans-Atlantic venture capital firm that partners with entrepreneurs to build companies with a mission to address significant unmet needs in medicine and healthcare. The firm, which was spun out of GSK in 2020, has a history of investing in the biotech ecosystem since 1985, and has a presence in the San Francisco Bay Area, the Philadelphia area and in London, UK. For more information about SR One, visit www.srone.com.
OrbiMed has been investing globally for over 20 years across the healthcare industry: from early-stage private companies to large multinational corporations. Our team of over 100 distinguished scientific, medical, investment and other professionals manages over $19 billion across public and private company investments worldwide. From biopharmaceuticals to medical devices, diagnostics, and healthcare services, OrbiMed is scouting the globe for innovations that will help ensure humanity lives healthier, longer and more productive lives.