Arrowhead Research Corp., a nanomedicine company focused on development programs in oncology, obesity and regenerative medicine, yesterday announced that majority-owned subsidiary Ablaris Therapeutics Inc. has completed a second closing of its Series A financing round to raise gross proceeds of $1.2 million; to-date the company has achieved total gross proceeds of $2.9 million.
Arrowhead launched Ablaris in December 2010 to commercialize the innovative weight loss technology platform developed by Drs. Wadih Arap and Renata Pasqualini at MD Anderson Cancer Center. Arrowhead holds a 64 percent ownership in Ablaris, which is developing and commercializing a suite of drug candidates to address obesity.
The proceeds will be used for upfront licensing payments and other expenses toward preparation of a phase I clinical trial, which the companies expect in the second half of 2011.
“The offering achieved our goal of securing outside capital for Ablaris’ license and operations, and provides for incidental costs as we make our way to the clinic,” said Arrowhead president and CEO Dr. Chris Anzalone.
Dr. Anzalone noted that the FDA has yet to approve a new weight loss drug, though there is opportunity in the market.
“Preclinical studies of Ablaris’ technology have demonstrated considerable promise as a novel way to treat the growing problem of obesity,” continued Dr. Anzalone. “While much attention has been given to various anti-obesity therapeutic candidates, the FDA has not approved a new anti-obesity drug in over a decade, leaving a large underserved market in search of a safe and effective treatment. We believe Ablaris’ unique technology that directly targets blood vessels feeding white fat tissue presents a significant advantage as we look to enter the clinic with Ablaris’ first drug candidate later this year.”
For more information visit www.arrowheadresearch.com