Aerial Biopharma Announces Closing Of Second Tranche Of Series A

Wednesday, February 20, 2013

Aerial BioPharma announced Wednesday that the company has completed the second tranche of its $12 million Series A financing.  The company has now raised $9.5 million, with the third and final tranche of the Series A to be completed in the fourth quarter of 2013.    

The investment group for the two completed projects and the current ongoing project is located in Chattanooga and headed by local ob/gyn Dr. Dave Adair. 

The funding will allow the company to complete the Phase 2b trial for ADX-N05, the company’s lead product for the treatment of excessive daytime sleepiness associated with narcolepsy.  After positive, Phase 2a results for ADX-N05 in mid-2012, Aerial began enrolling the Phase 2b trial in September.  The company expects to complete the Phase 2b trial and have the results in the second half of 2013.   The U.S. Food and Drug Administration (FDA) Office of Orphan Products Development recently granted orphan designation for ADX-N05 for the treatment of narcolepsy.

“In addition to allowing us to advance our promising treatment for narcolepsy to Phase 3, the funding will be used to finish the IND enabling studies required for our novel biologic product, prostatic acid phosphatase (PAP), which represents a completely new approach to the treatment of acute and chronic pain” said Moise Khayrallah, PhD, CEO of Aerial.   Aerial plans to file the IND for PAP by the end of 2013. 

Aerial is the third company from the management team led by Khayrallah, Steve Butts and Gary Bream PhD, all privately held and located in the Research Triangle Park, NC area.  Since launching Addrenex Pharmaceuticals in 2006, the team has raised and deployed over $30 million for various drug development programs in central nervous systems conditions.  Addrenex was acquired by Shionogi Pharma in November 2009 and Neuronex, the team's second company, was acquired by Acorda Therapeutics in 2012.

With the closing of the second tranche, Aerial is positioned to continue its strategy of moving products quickly and efficiently through the development process in order to meet the unmet needs of patients, officials said.


FSG Bank Ends Successful ‘Pay It Forward’ Campaign With $2,500 Donation To Habitat For Humanity

First Security Group, Inc., the holding company for FSG Bank, announced the bank has ended its “Pay It Forward” campaign and will officially make a $2,500 donation to the Habitat for Humanity of Cleveland after receiving an incredible response from the community to its unique GO Money campaign.   FSG Bank launched the GO Money campaign last month as part of its grand opening ... (click for more)

Fleet Feet Sports To Open New Chattanooga Store In Mid-October

Fleet Feet Sports   announces the mid-October opening of a new store in Chattanooga. The store will be the brand’s first location in the Chattanooga market and will open in the NorthShore neighborhood at 313 Manufacturers Road.   Running store veteran Steve Carter will operate and manage the store, stepping into the leadership role after serving as general manager ... (click for more)

Trustee To Be Appointed To Oversee Hutcheson Medical Center Bankruptcy With Focus On Sale Of Fort Oglethorpe Hospital

A trustee will be appointed to oversee the bankruptcy case of Hutcheson Medical Center with a focus on getting the financially-strapped Fort Oglethorpe hospital sold. The U.S. Trustee's Office had filed a motion asking that the bankruptcy be dissolved due to the debt rising to $6.3 million since the bankruptcy was filed last November. However, all parties finally agreed it was ... (click for more)

Civic, Political Leader Mai Bell Hurley Dies At 87

Civic and political leader Mai Bell Hurley has died at age 87. She was the first woman to serve on the Chattanooga City Council. Ms. Hurley was also a longtime advocate for the arts and a leader in United Way. She was a leader in Chattanooga Venture that led to the redevelopment of downtown and the riverfront.  She most recently served on the Library Board. ... (click for more)

Does The Signal Mountain Town Council Take Its Constituents As Fools?

You've got to hand it to the Signal Mountain Town Council. In their scheme to change the zoning on Signal Mountain from 1/2 an acre to 1/4 an acre they get more creative by the day in coming up with justifications for doing something a majority of their constituents are squarely against.   They started off by hiding behind a poor widow who had fallen on hard times. She had ... (click for more)

Roy Exum: We Ain’t A Whirlygust

I have lived in and around the State of Tennessee my entire life and I have spent that last 50 years writing words in stories every day. I love clever words, words that fit perfectly in a sentence. I also like funny words, clever phrases and all sorts of “slang” words. This week the Slate website came out with “The United Slang of America” and, naturally, I was eager to see what ... (click for more)