Alladapt Immunotherapeutics Inc., a private, clinical-stage
biopharmaceutical company developing prescription therapeutics to
address IgE-mediated food allergy, announced today the closing of a
$119 million financing round led by Enavate Sciences, a portfolio
company created by Patient Square Capital. Additional investors
participating in the financing include Alladapt’s founding
investor, Gurnet Point Capital, along with new investors Allerfund,
Novartis (NYSE: NVS), Red Tree Venture Capital, and WestRiver
Group.
Proceeds from this funding round will support
the ongoing clinical development of ADP101, the Company’s lead
product candidate, as well as preparation for a potential pivotal
trial, the continued buildout of Alladapt’s manufacturing facility,
and investment in further pipeline expansion. Leveraging an immense
body of evidence in oral immunotherapy developed by many leading
allergists, including Dr. Kari Nadeau, the Director of the Sean N.
Parker Center for Allergy and Asthma Research at Stanford
University and co-founder of Alladapt, ADP101 is currently being
studied in Harmony, a Phase 1/2 trial, and Encore, the associated
open-label extension (OLE) study, in food allergy patients.
“We are pleased to further accelerate the
development of our investigative clinical program targeting the
treatment of allergy to one or to multiple foods through a singular
oral immunotherapy,” commented Ashley Dombkowski, Ph.D., Alladapt’s
Chief Executive Officer and co-founder. “Food allergy is a serious,
chronic disease in which accidental exposure to an allergen can
cause a rapid onset, severe, potentially life-threatening reaction.
The challenges of food allergy can be particularly difficult for
patients who have allergies to many foods. Treatment options are
urgently needed, and we believe ADP101 holds immense promise as a
therapeutic modality targeting clinically meaningful allergen
desensitization. With this financing, we are delighted to have the
continued support of Gurnet Point Capital and to welcome George and
Jim to our Board of Directors, who both bring a deep understanding
of the food allergy space and can offer meaningful perspective as
we advance our clinical programs.”
Glenn Reicin, Alladapt’s Chief Financial
Officer, commented: “The substantial investment on behalf of this
expert syndicate of investors enables us to allocate resources to
expand the development of ADP101, which has the potential to be the
first FDA-approved therapy to treat the majority of U.S. food
allergy patients.”
“Our firm remains committed to Alladapt's vision
for a best-in-class approach that truly aligns with the needs of
patients, their families, and clinicians,” added Sophie Kornowski,
Partner at Gurnet Point Capital, Alladapt’s founding investor.
“We are excited to partner with Alladapt given our enthusiasm
around oral immunotherapy, or OIT, as an important treatment option
in the food allergy therapeutic landscape. I am equally pleased to
join Alladapt’s Board and support the Company’s leadership in its
endeavor to treat highly reactive pediatric and adult patients with
food allergy,” said Jim Momtazee, Managing Partner of Patient
Square Capital.
“Having closely followed the food allergy space,
and the commercial market at large, Alladapt stands out because of
its potentially best-in-class prescription therapeutic targeted to
treat multi-allergies simultaneously,” said George Montgomery,
consultant to WestRiver Group and Senior Advisor
to Alvarium Investments LLC. “I look forward to working with
Alladapt’s co-founders, with whom I have collaborated in the past
and who are acclaimed experts in the food allergy space, in
addition to Alladapt’s seasoned senior executives who hold
diversified experiences across the food allergic disease
landscape.”
In conjunction with the financing, Heath
Lukatch, Ph.D., Founder and Managing Partner of Red Tree Venture
Capital, will become an Alladapt board observer.
Jefferies, LLC acted as placement agent for the
financing.
About Alladapt
Immunotherapeutics Alladapt Immunotherapeutics Inc. is a
private, clinical-stage biopharmaceutical company developing
prescription therapeutics targeting food allergy. The company is
currently conducting the Harmony Study, a Phase 1/2, randomized,
double-blind, placebo-controlled study evaluating the efficacy and
safety of ADP101 for the treatment of food allergy in children and
adults, and the Encore Study, an open-label extension study for its
Harmony study. ADP101 is an investigational oral immunotherapy
product candidate representing the nine food groups responsible for
the vast majority of significant food allergic reactions
globally.
Alladapt was co-founded in 2018 by biotechnology
entrepreneur, Ashley Dombkowski, Ph.D. and allergist, clinician and
protein biochemist, Kari Nadeau, M.D., Ph.D. Dr. Nadeau is also the
Naddisy Foundation Endowed Professor of Medicine and Pediatrics and
Director of the Sean N. Parker Center for Allergy and Asthma
Research at Stanford University. Food allergen specific OIT
conducted by Dr. Nadeau and other food allergy experts is an
approach that has shown consistently promising results through
administration of increasing amounts of an allergen to individuals
with food allergy to raise the reactive threshold and decrease the
severity of allergic responses to the allergenic food. This work,
combined with research on disease mechanisms, pathways, and protein
structures, led the founders to envision biopharmaceutical
interventions capable of addressing food allergy due to a
wide-ranging set of foods. For more information, please visit the
Company's website at www.alladapt.com.
About Enavate SciencesEnavate
Sciences is a platform created by Patient Square Capital dedicated
to supporting therapeutic companies advancing medicines and
enabling technologies with transformative potential to address
patient need. Through the application of capital support and
operational experience, Enavate strives to enable and empower a
diverse portfolio of therapeutics companies to accelerate
innovation. To learn more about Enavate, please
visit www.enavatesciences.com.
About Gurnet Point Capital
Gurnet Point Capital is a unique healthcare investment platform
within the B-Flexion group and led by a team with deep expertise in
an industry for which they share a passion, both as investors and
senior executives. GPC invests long-term capital and supports
entrepreneurs in building a new generation of companies that
deliver outsized returns through active ownership. Based in
Cambridge, MA, its remit encompasses life sciences and health care
focused businesses, with a particular emphasis on businesses that
have high growth potential in the product development and
commercialization stages of their evolution. With its
strategy of driving best in class operational transformation for
these businesses, to create social impact while generating
significant economic value, Gurnet is able to deliver
differentiated results for its investors and partners.
www.gurnetpointcapital.com.
Source: Alladapt Immunotherapeutics, Inc.
Investor Contact:
Investor@alladapt.com
Media Contact: Hannah Gendel
Solebury Trout 646-378-2943hgendel@soleburytrout.com
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