Biopharma Start-Up Secures $27 Million in Venture Funding

(Photos8.com)

Aerpio Therapeutics, a biopharmaceutical company in Cincinnati, closed a $27 million series A financing deal, the first round of funding after initial start-up. The round was led by Novartis BioVentures with Venture Investors LLC, Triathlon Medical Ventures, Kearny Venture Partners, Athenian Venture Partners, and AgeChem Venture Fund.

The company began in January 2012 as a spin-off from from Akebia Therapeutics, another Cincinnati-based biopharmaceutical company. Aerpio develops small molecules and monoclonal antibodies as treatments for vascular disease and wound healing. The proceeds of the financing are expected to support its lead candidate AKB-9778, a Tie-2 activator. Tie-2 is a receptor on the surface of cells that binds to angiopoietins, which are protein growth factors needed to form blood vessels.

Aerpio is developing AKB-9778 as treatment for diabetic macular edema, a complication of diabetes that damages blood vessels in the eye, leading to vision loss and blindness. AKB-9778 is now in Phase 1b/2a clinical trials. AKB-4924, a hypoxia-inducible factor 1-alpha compound also in development by the company, aims at promoting wound healing and has potential as a treatment for inflammatory bowel disease.

In March, Aerpio reported early results of a phase 1 clinical trial of AKB-9778. The study evaluated the safety, tolerability, and bodily reactions to single ascending doses of AKB-9778 in 48 healthy volunteers. The results indicated AKB-9778 was well tolerated through the predicted dose range, and showed evidence of the drug’s chemicals working as planned.

Hat tip: Fortune/Term Sheet

Read more:

• Biopharm Raises $80 Million in Series C Venture Funds
• FDA Approves Diabetic Macular Edema Treatment
• Biopharma Secures $38.5 Million in Series D Funds
• Older Americans Experiencing Fewer Vision Problems

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