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.


Techtown Announces Permanent Home In Downtown Chattanooga

TechTown, a technology and entrepreneurial innovation center for children, will make its permanent home at 325 Market St. in downtown Chattanooga. "Centrally located, historic, and full of possibilities, we couldn’t have imagined a better home for TechTown," said Paul Cummings, founder. “When we were looking for a location for TechTown, we wanted a creative space, and something ... (click for more)

Attorney General Slatery Names Solicitor General

Tennessee Attorney General Herbert Slatery announced that Andrée Sophia Blumstein will join the office as solicitor general.   Mrs. Blumstein will oversee appellate litigation in state and federal courts, review written opinions, and advise the attorney general. “I could not be more pleased that Andrée has accepted this important appointment,” Attorney General Slatery ... (click for more)

Mayor Berke, Chattanooga Police Department, And Community Members Reach Out To Group Members To End Violence

The city of Chattanooga held a call-in on Thursday night, as part of the Violence Reduction Initiative. Dozens of law enforcement officials, community members, social service providers and clergy gathered to deliver a message to over 20 members of violent groups in Chattanooga. Family members of the probationers watched the call-in from another building. Although the call-in was ... (click for more)

Tribute Service For Luther Masingill Held At Historic Engel Stadium

It took a place as big as historic Engel Stadium for Chattanooga to say goodbye to their beloved Luther. Hundreds came Thursday afternoon to pay tribute to Luther Masingill who died early Monday morning after a radio career that spanned an amazing 74 years. It was clear from all who spoke that he was considered not only a radio personality, but also a role model. One after ... (click for more)

Chairs Cost How Much?

Many times while growing up, I would go to the store with my parents. More often than not, I would see something I wanted, and ask my parents to buy it for me. More often than not, they said no. “Why?” I asked. “Son, money doesn’t grow on trees.” That’s a phrase I’m sure many of us have heard more than once over the course of our lives. However, I have since learned that they were ... (click for more)

Roy Exum: Pete Carroll’s Philosophy

Pete Carroll, the head football coach of the Seattle Seahawks, has a deep belief that he can change people by simply listening to them and then making suggestions on how they can get what they really want. If the people Carroll who can influence win, Carroll wins, and remember his team won last year’s Super Bowl with his methods.   When asked for example, here is what ... (click for more)