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Strengthens investor syndicate with participation from biotechnology luminaries Nancy Chang, John Maraganore and Brent Saunders
SAN DIEGO, Nov. 10, 2022 /PRNewswire/ -- Lipidio Pharmaceuticals Inc. (Lipidio), a biopharmaceutical company developing novel therapeutics for dermatological and metabolic diseases, announced today the close of an extension to its Series A financing, bringing the total amount raised to over $20M. In addition to current Series A investors, this extension was led with participation of several new investors, including Nancy Chang (former Founder and CEO of Tanox), John Maraganore (former Founding CEO of Alnylam) and Brent Saunders (former Chairman & CEO of Allergan), along with a selected group of world-renowned dermatologists. Previous investors in the Series A include other successful, serial entrepreneur biopharma executives, as well as two Institutional Investor firms, Alethea Capital and 3E Bioventures.
"We are thrilled to raise this extension from several of the most accomplished and well-known executives in our industry. I want to sincerely thank Brent, John and Nancy, along with all our investors for their support, as we continue to advance GDD3898 in the clinic," said J. Gordon Foulkes, Ph.D., CEO of Lipidio. "Our investors are highly encouraged by our recent clinical data and new insights into the multiple mechanisms induced by GDD3898 in the skin, which provide a strong rationale for expansion of our current indications. The Series A extension funds will provide ample runway to analyze data from the three clinical trials anticipated to complete before the end of this year, and to support the launch of our Series B financing in the first quarter of 2023."
John Maraganore, Ph.D., added, "I am excited about the innovative and differentiated approach that Lipidio is taking to tackle serious dermatological conditions. Gordon and his team have discovered a novel mechanism of action for GDD3898, and they are pursuing indications for which there are no approved therapies and no competing drugs in development. I believe GDD3898 holds tremendous potential as a novel topical product that could change the treatment paradigm for dermatologic and potentially other diseases."
"I am proud to participate in 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 acne and sebaceous hyperplasia, filling a major gap in treatment and disrupting the market. I'm excited to work with the world-class team at Lipidio to bring this exciting product to patients."
About the Series A Extension Syndicate
Nancy Chang, Ph.D., is Chairperson of Ansun Biopharma, a company focused on the development of unique host-directed anti-viral therapies for respiratory viruses including Parainfluenza virus (PIV) and Influenza virus (Flu). She also serves as CEO and President of Apex Enterprises, Inc., an investment management company focused on investments in healthcare, education, and socially responsible ventures. From 2007 to 2012, she was Chairperson and Senior Managing Director of Orbimed Asia LLC. Prior to OrbiMed, Nancy was the Co-Founder, Chairperson and CEO of Tanox (1986-2006). In 2000, Tanox went public on NASDAQ, raising $250M and making it the second-largest Biotech IPO ever done at that time. Tanox research 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, where he built and led the company from an early research platform forming over 20 major pharmaceutical alliances through to the global approval and commercialization of the first four RNAi therapeutic medicines. John created one of our Industry's most successful companies, with a current market capitalization of approximately $25B. He is also a member of the Board of Directors of the Biotechnology Innovation Organization (BIO) and served as the Chair of BIO from 2017-2019. John is currently a Venture Partner at ARCH Venture Partners and Atlas Ventures, an Executive Partner at RTW Investments, a Senior Advisor at Blackstone Life Sciences, and serves on the Board of the Termeer Foundation.
Brent L. Saunders is Executive Chairman of the Beauty Health Company (Nasdaq: SKIN) and Chairman, Co-Founder and CEO of Vesper Health. Mr. Saunders served as Chairman and CEO of Allergan until May 2020, when the company was acquired by AbbVie Inc. in a transaction valued at approximately $63B. Brent's first role as a senior executive in the healthcare sector began in 2003 at Schering-Plough as President of their Global Consumer Health Care Division. While at Schering-Plough, Brent led the integration of the company's $14B acquisition of Organon Biosciences, as well as the merger between Schering-Plough and Merck & Co., Inc. in 2009. Brent also served as CEO of Bausch + Lomb Inc., until its acquisition by Valeant Pharmaceuticals, Inc. for approximately $9B. He then became the CEO of Forest Laboratories Inc., leading the company's merger with Actavis in 2014, and in 2015, Actavis' acquisition of Allergan, renaming the combined company Allergan PLC.
About Lipidio PharmaceuticalsLipidio Pharmaceuticals is a biopharmaceutical company focused on transforming molecules into the right medicines for dermatological and metabolic diseases. Lipidio's lead program, GDD3898, is in clinical development for the treatment of multiple conditions with unmet medical needs including dermatological conditions such as moderate to severe acne and sebaceous hyperplasia, nonalcoholic steatohepatitis (NASH), and obesity. Lipidio is headquartered in San Diego, CA. To learn more, please visit https://lipidiopharma.com/.
Contact:
Amy Conrad
Juniper Point
858-366-3243
amy@juniper-point.com
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SOURCE Lipidio Pharmaceuticals, Inc.