August 28, 2021
On August 26, 2021, Aerpio Pharmaceuticals, Inc. (NASDAQ: ARPO) announced the completion of its merger with Aadi Biosciences, Inc. Concurrent with the closing of the transaction, an investor syndicate led by Acuta Capital Partners and KVP Capital, with participation from Avoro Capital Advisors, Avoro Ventures, Venrock Healthcare Capital Partners, BVF Partners, Vivo Capital, Alta Bioequities, Rock Springs Capital, RTW Investments, Acorn Bioventures, and Serrado Capital invested approximately $155 million into the company. Proceeds from the concurrent PIPE financing are expected to be used for the commercialization of FYARRO in advanced malignant PEComa, a planned tumor-agnostic registrational trial in solid tumors harboring inactivating alterations in the mTOR pathway genes TSC1 and TSC2 expected to be initiated by the end of 2021, as well as funding ongoing studies and general operating expenses. Effective as of the merger close, Aadi has approximately $170 million in cash and cash equivalents and an expected runway into 2024.
Ladenburg Thalmann & Co. Inc. acted as the Exclusive Financial Advisor to Aerpio Pharmaceuticals.
About Aadi Biosciences, Inc.
Aadi Biosciences (NASDAQ: AADI) is a clinical-stage biopharmaceutical company developing precision therapies for genetically-defined cancers. Aadi's primary goal is to bring transformational therapies to cancer patients with mTOR pathway driver alterations such as alterations in TSC1 or TSC2 genes, where other mTOR inhibitors have not or cannot be effectively exploited. Aadi's lead product is FYARRO (sirolimus albumin-bound nanoparticles for injectable suspension), an mTOR inhibitor bound to human albumin that has demonstrated significantly higher tumor accumulation, greater mTOR target suppression, and increased tumor growth inhibition over other mTOR inhibitors in preclinical models. For more information visit www.aadibio.com.
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