MENLO PARK, Calif.--(BUSINESS WIRE)--Allay Therapeutics, a clinical-stage biotechnology company pioneering ultra-sustained analgesic products to transform post-surgical pain management and recuperation, today announced the completion of its oversubscribed $60M Series C financing, led by Arboretum Ventures. Participating in the round were NEA, Temasek, Pavilion Capital, Brandon Capital Partners, Vertex Growth, Vertex Ventures HC and WTT Investment Ltd. The proceeds from the Series C will advance the Company’s lead candidate, ATX-101, into Phase 2b clinical trials, and support the further development of Allay’s platform for ultra-sustained analgesic products.
“We’re pleased to attract such an impressive syndicate of healthcare investors to this round, and we’re fortunate to partner with Nicole and the Arboretum Ventures team to advance the Allay platform of products through clinical development. The vote of confidence by these investors is gratifying as we pursue our goal of allaying patients’ fears of extended painful recoveries and reliance on opioids after surgery,” said Adam Gridley, Chief Executive Officer of Allay Therapeutics. “We share a common belief that our underlying platform of tunable product candidates will change the way that patients, physicians and payors manage pain and will reduce costs to the overall healthcare system.”
Allay intends to proceed into a Phase 2b study of ATX-101 in total knee arthroplasties (TKA, also called total knee replacements) in the United States. Beyond ATX-101, Allay’s R&D teams in Singapore and the Bay Area have developed proof-of-concept of new implant variants, injectable formulations, formulations to permit patient self-dosing ‘on demand’ and formulations that incorporate a variety of small molecules and other local analgesics. The Company intends to advance at least one new clinical candidate into clinical trials each year and is currently building out its manufacturing capabilities in the Bay Area to support future product launches.
“Demand for total knee replacement surgery is growing dramatically, and with it, desire for non-opioid solutions providing lasting pain relief. We believe that Allay’s technology platform offers unprecedented potential breadth in terms of applicability and therapeutic profile for pain management, an area in need of innovation,” said Nicole J. Walker, Managing Partner, Arboretum Ventures. “Allay combines strong science, a veteran team and a clear vision for advancing an array of new products.”
About Allay Therapeutics
Allay Therapeutics is pioneering ultra-sustained analgesic products to transform post-surgical pain management and recuperation for patients and physicians. Our proprietary technology platform combines validated non-opioid analgesics and biopolymers to create dissolvable candidates to deliver pain relief within a targeted site over weeks: an order of magnitude greater than the longest-lasting pain treatments currently available. Our platform and vision were shaped by The Foundry incubator and Lightstone Venture’s Singapore Fund. Allay unites a dynamic, global team of entrepreneurs, scientists, clinicians and innovators in the San Francisco Bay Area and Singapore. Learn more at allaytx.com.